Late Sunday, U.S. stock futures surged and oil prices tumbled as President Donald Trump announced that a framework agreement to end the conflict with Iran had been completed. The news sent markets into rally mode, with investors pricing in an end to a geopolitical standoff that had rattled global markets for months.
Dow futures rose 380.00 points, or 0.74%, to 51,607.00, while S&P 500 futures gained 72.25 points, or 0.97%, to 7,507.25 and Nasdaq 100 futures advanced 480.25 points, or 1.62%, to 30,142.25 as of around 8:50 p.m. EDT.
In commodities, WTI crude oil fell 4.61% to $80.97 per barrel, while Brent crude declined 3.92% to $83.91 per barrel. Natural gas futures slipped 1.92% to $3.06 per MMBtu.
Meanwhile, the U.S. dollar index, which tracks the greenback against a basket of currencies, stood at 99.568, down 0.24%.
Asian markets traded sharply higher, with South Korea's KOSPI surging 5.51% to 8,571.51 and Japan's Nikkei 225 jumping 4.87% to 69,233.28.
Trump Announces Iran Agreement, Hormuz Reopening
Trump said on Truth Social that "The Deal with the Islamic Republic of Iran is now complete."
The president also indicated that the Strait of Hormuz, one of the world's most important oil shipping routes, would reopen after being effectively shut for months during the conflict.
"Ships of the World, start your engines. Let the oil flow!" Trump wrote.
His statement came shortly after Pakistani Prime Minister Shehbaz Sharif said a breakthrough had been reached following mediation efforts.
The memorandum of understanding is expected to be formally signed in Switzerland on Friday.
In a statement, Iran's Supreme National Security Council said all military operations, including those in Lebanon, would permanently cease beginning Monday night, Iran's semi-official Tasnim News Agency reported.
Nuclear Program, Sanctions Relief Remain Key Issues
While officials described the agreement as a framework for ending hostilities, several major issues remain unresolved.
Iran's Deputy Foreign Minister Kazem Gharibabadi said broader negotiations would take place during a proposed 60-day ceasefire period, including discussions on sanctions relief and Iran's nuclear program, Reuters reported.
According to statements from both sides, future talks are expected to address the fate of Iran's stockpile of highly enriched uranium and the long-term structure of its nuclear activities.
The agreement also calls for the cessation of military operations across multiple fronts, including Lebanon, though Israel had not immediately commented on the announcement.
In fact, earlier in the day, Prime Minister Benjamin Netanyahu said Israeli forces had carried out strikes in Beirut's Dahiyeh district targeting Hezbollah positions.
