The United States and Iran have reached a two-week ceasefire agreement just hours before a deadline set by US President Donald Trump.
As part of the agreement, all military operations between the two sides and their allies have ceased.
Iran has also promised to open the Strait of Hormuz and allow oil tankers to pass through during the ceasefire. Representatives from both sides are also scheduled to meet in Pakistan later this week to discuss a longer-term peace deal.
Following the news, Brent crude prices fell by about 15% to around $92 a barrel, while natural gas prices also weakened. At the same time, global stock markets and cryptocurrency markets have begun to show positive growth trends.
