Oil prices sink and US stock futures jump as US and Iran agree to 2-week ceasefire

NEW YORK (AP) — 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% as of 9:30 p.m. EDT, while Dow futures rose 2%.

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. Oil prices had spiked because the war snarled the production and transportation of crude in the Persian Gulf. Much of that oil exits the gulf through the Strait of Hormuz to reach customers around the world, but Iran had blocked it to enemies.

Late Tuesday, Trump said he was holding off on his threatened attacks on Iranian bridges, power plants and other civilian targets. Iran’s foreign minister said passage through the strait would be allowed for the next two weeks under Iranian military management.

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. Even with word of a ceasefire, neither Iran nor the United States said when it would begin, and attacks took place in Israel, Iran and across the Gulf region early Wednesday.

Earlier, U.S. stocks swung sharply during regular trading as uncertainty about the war with Iran increased after Trump had threatened that a “whole civilization will die tonight, never to be brought back again” if Iran does not meet his deadline at 8 p.m. Eastern time to open the Strait of Hormuz.

The S&P 500 fell as much as 1.2% but stocks rallied at the end of trading after Pakistan’s prime minister urged Trump to extend his deadline for another two weeks and asked Iran to open up the strait for the same amount of time.

The S&P 500 erased all its losses and ended with a modest gain of 0.1%. The Dow Jones Industrial Average dipped 85 points, or 0.2%, and the Nasdaq composite added 0.1%.

They’re the latest swings to hit financial markets since late February because of deep uncertainty about when the fighting may end.

Oil prices were likewise shaky. The price for a barrel of benchmark U.S. crude to be delivered in May briefly climbed above $117 before settling at $112.95.

Oil prices have spiked because the war has snarled the production and transportation of crude in the Persian Gulf. Much of that oil exits the gulf through the Strait of Hormuz to reach customers around the world, but Iran has blocked it to enemies.

The worry in markets has been that a long-term disruption will keep oil prices high for a long time and send a painful wave of inflation crashing through the global economy. Trump kept traders on edge by making a series of threats to blow up Iranian power plants only to delay several times.

The average price for a gallon of regular gasoline across the United States has leaped to $4.14, according to AAA. It was below $3 a couple days before the United States and Israel launched attacks to begin the war in late February.

In the bond market, Treasury yields eased on word of a potential cease-fire. The yield on the 10-year Treasury fell to 4.24% from 4.30% earlier Tuesday.

That’s still well above its 3.97% level from before the war, and the rise has pushed up rates for mortgages and other loans going to U.S. households and businesses, which slows the economy.

John Mauro works on the floor at the New York Stock Exchange in New York, Tuesday, April 7, 2026. (AP Photo/Seth Wenig)

Ed Curran works on the floor at the New York Stock Exchange in New York, Tuesday, April 7, 2026. (AP Photo/Seth Wenig)

People work on the floor at the New York Stock Exchange in New York, Tuesday, March 31, 2026. (AP Photo/Seth Wenig)

A general view shows the New York Stock Exchange, Friday, March 27, 2026, in New York. (AP Photo/Yuki Iwamura)

People stand in front of an electronic stock board showing Japan's Nikkei index at a securities firm Tuesday, April 7, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)

A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Tuesday, April 7, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)

A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Tuesday, April 7, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)

KINSHASA, Congo (AP) — Angry young men stormed a hospital treating Ebola patients at the heart of the latest outbreak of the disease in eastern Congo on Sunday evening, forcing the medical staff to scramble to evacuate the patients as gunfire rang out in the area.

It was not immediately known if anyone was hurt in the attack on the Mongbwalu General Hospital but Dr. Richard Lokudu, the hospital’s medical director, told The Associated Press the attackers demanded that two bodies of their kin be handed over to them.

There was gunfire and the medics were trying to evacuate the patients and the staff, Lokudu said over the phone.

“Mongbwalu General Hospital is on general alert,” he added. He did not have any further details of the unfolding turmoil.

The attack — the third in a week’s time on health care facilities where medical workers struggle with lack of resources to treat suspected Ebola cases — underlined the challenges of the outbreak, which the World Health Organization has declared a public health emergency of international concern.

Bodies of those who died of Ebola can be highly contagious and lead to further spread when people prepare them for burial and gather for funerals. '

In response to the outbreak, Congolese authorities have mandated that the dangerous work of burying suspected victims be managed wherever possible by authorities, which can be met by protests from families and friends. On Friday, the government said funeral wakes and gatherings of more than 50 people would be banned in northeastern Congo in an effort to curb the spread of the virus.

On Saturday, a group of residents of Mongbwalu, located in Ituri province, attacked and set fire to a tent set up for suspected and confirmed Ebola cases by the Doctors Without Borders humanitarian group.

During that attack, 18 people with suspected Ebola infections left the facility and were now unaccounted for, Lokudu had said earlier.

On Thursday, another treatment center, in the town of Rwampara, was burned down after family members were banned from retrieving the body of a local man suspected to have died of Ebola.

WHO has said the outbreak poses a “very high” risk for Congo — up from a previous categorization of “high” — but that the risk of the disease spreading globally remains low.

Earlier on Sunday, the Congolese Ministry of Communication said on X that there were 904 suspected cases of Ebola, mostly in northeastern Ituri Province — a significant jump from the previously announced more than 700 suspected Ebola cases.

The ministry also said the total suspected Ebola deaths stood at 119, but the numbers it released separately for each region added up to 220. Officials could not immediately be reached to explain the discrepancy.

There is no available vaccine for the Bundibugyo virus, a rare type of Ebola, which spread undetected for weeks in Ituri following the first reported death — in late April in the town of Bunia, the provincial capital — while authorities tested for another, more common, Ebola virus and came up negative.

The International Federation of Red Cross and Red Crescent Societies said on Saturday that three of its volunteers had died from the outbreak in Mongbwalu. The agency said it believed the three healthcare workers contracted the virus on March 27 while handling dead bodies as part of a humanitarian mission unrelated to Ebola.

If confirmed, this would significantly push back the timeline of the outbreak.

Pronczuk reported from Dakar, Senegal.

Family members of an Ebola victim mourn as the coffin is taken away for burial, at Sofepadi Hospital in Bunia, Congo, Saturday, May 23, 2026. (AP Photo/Moses Sawasawa)