US-Iran Ceasefire Hits Oil Prices Over 10% as US Stock Futures Surge Pre-Market
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Easing Middle East tensions, including a reported ceasefire agreement, triggered a significant slump in crude oil prices, with WTI crude falling over 17% and Brent over 10%. This geopolitical shift also led to a sharp decline in the VIX volatility index. Consequently, U.S. stock index futures saw broad gains, with Nasdaq, S&P 500, and Dow Jones futures rising between 2.74% and 3.45%. Major U.S. tech stocks, including Micron, Tesla, and Meta, also advanced in pre-market trading.
TradingKey - Easing tensions in the Middle East triggered a slump of over 10% in crude oil prices; futures for the three major U.S. stock indices and tech giants generally rose.
During the pre-market session on April 8, Eastern Time, a ceasefire agreement between the U.S. and Iran triggered a plunge in international oil prices, with losses widening to over 10%. Among them, WTI crude oil ( USOIL ) plummeted over 17%, currently trading at $87.67; Brent crude fell over 10% to around $91 per barrel.
WTI crude oil price chart, Source: TradingView
Meanwhile, the VIX volatility index slumped over 13%, and U.S. stock index futures rose across the board. Specifically, Nasdaq futures jumped 3.45%, S&P 500 futures rose 2.75%, and Dow Jones futures rose 2.74%.
Furthermore, major U.S. tech stocks generally advanced, with Micron Technology ( MU) surging 8.39% to $409.28; Tesla ( TSLA) rose 4.7% to $362.95; Meta ( META) rose 5.11% to $604.45; while Nvidia ( NVDA ), Amazon ( AMZN ), Microsoft ( MSFT ), Google ( GOOG) and others all gained 3%-4%.
