Oil prices are tumbling after President Donald Trump announced a Israel-Iran ceasefire agreement. Oil prices were already falling after Iran launched strikes on a US airbase in Qatar. Markets saw Iran's strikes as a de-escalatory move as Tehran did not target the Strait of Hormuz.

Global stocks are jumping and oil prices are dropping after U.S. President Donald Trump announced a ceasefire agreement between Iran and Israel.

Oil was down and equities were up in Asia after President Trump said Israel and Iran had agreed to a ceasefire that could lead to the end of the war, though uncertainty over the situation has kept markets on edge.