U.S.-Iran ceasefire relief rally lifts global assets as oil plunges below $100
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A two-week ceasefire between the U.S. and Iran sparked a broad-based relief rally across risk assets, and even buoying traditional safe havens.
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In this article .AXJO .HSI .KS11 BTC.CM @GC.1 Follow your favorite stocks CREATE FREE ACCOUNT Traders work on the floor of the New York Stock Exchange at the opening bell in New York on March 24, 2026. Angela Weiss | AFP | Getty Images A 2-week ceasefire between the U.S. and Iran triggered a relief rally across risk assets, sending stocks higher and oil tumbling, while persistent demand for gold and Treasurys pointed to a market still hedging against uncertainty. U.S. President Donald Trump said he had agreed to suspend planned attacks on Iranian infrastructure for two weeks, subject to Iran agreeing to a "COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz." Stocks surged across regions, with Asian benchmarks and U.S. futures climbing, as investors seized on the announcement as a potential turning point in a conflict that has rattled markets for weeks. South Korea's Kospi surged over 5%, while the small-cap Kosdaq was up 3.4%. Japan's Nikkei 225 rose 4%, while the Topix was 3.2% higher. Australia's S&P/ASX 200 advanced 2.7%. Hong Kong's Hang Seng Index was up more than 2%, while mainland China's CSI 300 rose 2.15%. Gold prices since the start of the year Futures tied to the Dow Jones Industrial Average rose by 967 points, or 2.1%. S&P 500 futures added 2.1%, and Nasdaq 100 futures climbed 2.3%. Bitcoin jumped more 2% to $71,508. Safe havens, which would typically sell-off in a de-escalation, also found support. Spot gold rose 2.2% to $4,803.83 per ounce, while gold futures added over 3% to $4,835.90. Iranian Foreign Minister Abbas Araghchi in a post on X said that Tehran will stop its " defensive operations ," adding that safe passage for ships through the Strait of Hormuz was "possible" for the next two weeks in coordination with the country's armed forces. Investors also flocked to U.S. Treasurys, with yields on 10-year and 2--year debt down 9 basis points to 4.253% and 4.839%, respectively. Yields on 30-year Treasurys fell 7 basis points to 4.851%. "We...
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