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Benchmark U.S. crude sank $18.43 to $94.52 a barrel, a nearly 16% decline. Brent crude, the international standard dropped $15.54 to $93.73 a barrel. Natural gas futures declined close to 5%.

The drops reversed some of the rise in oil prices since the start of the war more than five weeks ago that had effectively blocked passage through the strait that’s a crucial route for global supplies.

“Yet the mood remains one of cautious optimism rather than outright celebration," said Tim Waterer, chief market analyst at KCM Trade. "The ceasefire is only two weeks long, and markets will be watching closely to see whether shipping through the Strait of Hormuz normalizes as promised and whether the fragile truce can pave the way for a more durable peace agreement."

Late Tuesday, 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.

But analysts warned against too much optimism.

“There is a reason to be optimistic, but it is still too early to tell, because, as you know, after all, it is Trump,� said Takashi Hiroki, chief strategist at MONEX.

In equities trading, major U.S. airline stocks soared on the steep drop in oil prices. Delta and United jump more than 12% in premarket while American rose 10%. Delta on Wednesday also reported first-quarter sales and profit that came in ahead of Wall Street forecasts and said that demand remained strong with the summer travel season just a few months away.

Companies in the energy sector fell along with the drop in oil prices. Exxon Mobil and ConocoPhillips each lost close to 6% while Chevron tumbled 4.6%.

Elsewhere, in Europe France's CAC 40 added 4.5% by midday, while the German DAX soared nearly 5%. Britain's FTSE 100 gained 2.9%.

In Asia, Japan’s benchmark Nikkei 225 gained 5.4% to finish at 56,308.42. Australia’s S&P/ASX 200 jumped 2.6% to 8,951.80. South Korea’s Kospi soared 6.9% to 5,872.34. Hong Kong’s Hang Seng surged 3.1% to 25,893.02, while the Shanghai Composite added 2.7% to 3,995.00.

In currency trading, the U.S. dollar fell to 158.39 Japanese yen from 159.52 yen Wednesday. The euro cost $1.1701, up from $1.1597. The dollar usually becomes a safe haven during geopolitical uncertainty, so the ceasefire deal worked to lessen that appeal.

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Associated Press videographer Mayuko Ono in Tokyo and Writer Jon Gambrell in Dubai, United Arab Emirates, contributed to this report.

Yuri Kageyama is on Threads: