Trump suspends iran bombings after two-week ceasefire deal, oil prices plummet

A dramatic 180-degree shift in the US-Iran conflict unfolded Tuesday night as President Trump abruptly suspended a wide-ranging bombing campaign against Iran and announced a two-week ceasefire, sending oil futures plummeting over 16%.

Trump's surprise ceasefire move catches global markets off guard

In a post to his Truth Social platform, Trump declared he 'agrees to suspend the bombing and attack of Iran for a period of two weeks,' citing that the US had 'already met and exceeded all Military objectives, and are very far along with a definitive Agreement concerning Longterm PEACE with Iran, and PEACE in the Middle East.'

The surprise announcement sent shockwaves through global financial markets, with futures on Brent crude and West Texas Intermediate crude contracts plummeting over 16% to trade near $90 and $94 per barrel, respectively. Meanwhile, US stock market futures soared, with contracts on the S&P 500 and Nasdaq 100 jumping around 2%.

According to Trump's statement, the ceasefire is contingent upon Iran agreeing to the 'COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz,' a critical oil shipping route through which 20% of the world's oil supply passes. The President also claimed the US received a '10 point proposal from Iran, and believe it is a workable basis on which to negotiate' bringing the long-standing issue 'close to resolution.'

The sudden shift in US policy comes after Trump's earlier warning that a strike on Iran could lead to a 'whole civilization dying tonight.' In a cryptic post, he wrote: 'Now that we have Complete and Total Regime Change, where different, smarter, and less radicalized minds prevail, maybe something revolutionarily wonderful can happen, WHO KNOWS?'