Ceasefire Deal Sparks Oil Price Crash and Cryptocurrency Rally

A ceasefire agreement between the United States and Iran has sent shockwaves through global financial markets. Oil prices plummeted by over 20% in response to the news, with USOIL falling from $117 to under $92 before recovering slightly.

The agreement, announced by President Trump on his social media platform, comes after a series of escalating tensions between the two nations. The deal would allow for a two-week period to finalize and consummate an agreement, with almost all points of contention already agreed upon.

However, while oil prices took a hit, other markets reacted positively to the news. Bitcoin surged from just over $68,000 to a three-week peak at almost $73,000 before correcting slightly. Gold also rose, nearing $4,900 for the first time in three weeks.