Oil Plunges Toward $90; Dow Surges

NEW YORK (AP) — Stock markets are surging worldwide, and oil prices are plunging back toward $90 per barrel 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 2.4% after Trump announced a two-week ceasefire, just 90 minutes before a deadline Trump had set for Iran to open the Strait of Hormuz. The Dow Jones Industrial Average soared 1,332 points, and the Nasdaq composite rallied 2.9% following bigger gains in Europe and Asia. The price for a barrel of Brent crude oil tumbled 16.1% below $92, down from $119 earlier in the war.