Steep drop in oil prices after US-Iran ceasefire sends Wall Street and global markets soaring

The New York Stock Exchange is seen in New York, Thursday, March 19, 2026. (AP Photo/Seth Wenig)

Oil prices are plunging back toward $95 per barrel, and stock markets are surging worldwide after President Donald Trump pulled back from his threat to force a “whole civilization†to die in the war with Iran. The S&P 500 leaped 2.1% Wednesday after Trump announced a two-week ceasefire. The Dow Jones Industrial Average soared 1,076 points, and the Nasdaq composite rallied 2.5%. To be sure, stock prices are still below where they were before the war. And oil prices are still higher because the threat remains that the war could continue. Prices for both stocks and oil pared their big moves as the morning progressed.

The Associated Press