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Crude prices plunge, stocks surge as US and Iran agree ceasefire

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Iranians welcomed news of the US-Iran ceasefire, which has seen oil prices slump and stocks rocket

Iranians welcomed news of the US-Iran ceasefire, which has seen oil prices slump and stocks rocket

Oil prices plunged Wednesday while stocks rallied after the United States and Iran agreed to a two-week ceasefire that will see Tehran temporarily reopen the vital Strait of Hormuz.

With Donald Trump's deadline approaching for the Islamic republic to reopen the waterway or face obliteration, he announced a halt to attacks for two weeks and said he had received a "workable" 10-point proposal.

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Originally published on doc.afp.com, part of the BLOX Digital Content Exchange.

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