Japan Financial Markets

Oil prices plunged below $100 a barrel and Asia markets and U.S. stock futures jumped after the U.S. and Iran agreed to a two-week ceasefire that includes the reopening of the Strait of Hormuz. Japan’s benchmark Nikkei 225 rose 4.8% and South Korea’s Kospi gained 5.6%. Futures for the S&P 500 advanced 2.3%. Futures for U.S. crude oil sank 14.3% to $96.83 a barrel and Brent crude oil, the international standard, dropped 13.3% to $94.74. The dramatic moves in prices are just the latest swings to hit financial markets since late February because of constantly shifting signals about when the conflict may end.