Iran War Strait of Hormuz

Markets on Wall Street soared overnight and U.S. crude prices plunged 13% after China’s foreign minister called for a comprehensive ceasefire in the Iran war, the latest spark of optimism that the two-month war could end soon. Futures for the S&P 500 rose 1% before the opening bell Wednesday, while futures for the Dow climbed 1.2%. Nasdaq futures jumped 1.7%. Wang Yi, speaking after meeting with Iranian Foreign Minister Abbas Araghchi, said China was “deeply distressed” by the conflict. U.S. crude fell more than $13 to under $90 a barrel. Brent crude, the international standard, lost $12.66 to $97.21 a barrel.