Dow futures soar nearly 1,300 points, oil tumbles on Iran ceasefire

MoneyWatch Dow futures soar nearly 1,300 points, oil prices tumble after Iran ceasefire .chip { background-image: url('/fly/bundles/cbsnewscore/images/chip-bgd/chip-bgd-moneywatch.jpg'); } By Mary Cunningham Mary Cunningham Reporter, MoneyWatch Mary Cunningham is a reporter for CBS MoneyWatch. She previously worked at "60 Minutes," CBSNews.com and CBS News 24/7 as part of the CBS News Associate Program. Read Full Bio Mary Cunningham April 8, 2026 / 8:57 AM EDT / CBS News Add CBS News on Google Stock futures surged and oil prices plunged on Wednesday as a two-week ceasefire in the Iran war eased fears of a prolonged energy shock that has rattled markets for more than five weeks.Futures for the Dow Jones Industrial Average soared 1,267 points, or 2.7%, to 48,079 in premarket trading. S&P 500 futures jumped 185 points, or 2.8%, while Nasdaq Composite futures rose 3.5%."Markets have been primed for this moment," Nigel Green, CEO of the financial firm deVere Group, said in an email. "Positioning had become defensive, volatility was elevated and energy prices were reflecting worst-case assumptions.""A pause, even a temporary one, releases that pressure very quickly," he added.Oil prices also plunged, with the U.S. benchmark, West Texas Intermediate, falling 17.9% to $92.76 a barrel, and the international benchmark, Brent crude, tumbling 16.3% to $91.53 a barrel, according to FactSet, as traders eyed activity in the Strait of Hormuz. Oil prices remain well above their pre-war levels.MarineTraffic, a maritime monitoring service, said Wednesday morning on X that there were "early signs" of vessel movement through the waterway following the ceasefire announcement, which Mr. Trump announced Tuesday night on Truth Social.  The president said his administration has received a 10-point proposal from Iran that is a "workable basis on which to negotiate." Iran also released a statement acknowledging the deal, which it said includes "continued Iranian control over...