Oil prices plunge, stocks surge on US-Iran ceasefire

Oil and gas prices plunged, stock markets soared and the dollar retreated Wednesday after the United States and Iran agreed to a temporary ceasefire that could lead to the Strait of Hormuz reopening.A wave of relief has hit financial markets after threats of a devastating escalation of the war were replaced by a temporary truce, said Susannah Streeter, chief investment strategist at Wealth Club.The most widely traded oil contracts fell some 15 percent to around 95 a barrel, after more than a month of conflict that killed thousands and hammered global markets.