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)

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Oil prices plunged below $95 per barrel, and stock markets surged worldwide after President Donald Trump pulled back from his threat of devastating attacks against Iran. The S&P 500 leaped 2.5% Wednesday after Trump announced a two-week ceasefire. The Dow Jones Industrial Average soared 1,325 points, and the Nasdaq composite rallied 2.8%. 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 big moves as trading progressed Wednesday.

The Associated Press