<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><a href="https://www.9news.com.au/oil" rel="" target="_blank" title="Global oil prices"><span>Global oil prices</span></a><span> plunged and Australian shares have enjoyed a sharp jump after </span><a href="https://www.9news.com.au/usa" rel="" target="_blank" title="US "><span>US</span></a><span> President </span><a href="https://www.9news.com.au/world/donald-trump-iran-war-strait-of-hormuz-deadline-approaching/41ce2532-cb03-4bd3-ac33-54669584c98a" rel="" target="_blank" title="Donald Trump abandoned his threat of annihilation"><span>Donald Trump abandoned his threat of annihilation</span></a><span> at the 11th hour and struck a deal with Iran.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Both countries have agreed to a two-week ceasefire to allow ships to pass through the Strait of Hormuz, brokered by Pakistan.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Following the announcement, futures for US crude oil fell 14.7 per cent to $US96.27 a barrel while futures for Brent crude oil (the global benchmark for oil prices) sank about 14.4 per cent to $US93.48. </span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE: </span></strong><a href="https://www.9news.com.au/world/donald-trump-impeachment-25th-amendment-articles-vote-john-larson-usa-news/29f541c9-d43f-4f59-bc45-9d6e4cdf9b63" rel="" target="_blank" title=""><strong><span>Articles of impeachment filed against Donald Trump</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>While both prices remain above what they were at the start of the war, it is a welcome sign for motorists who have been dealt significant price increases at the bowser.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Back home, the ASX opened sharply higher this morning, up 2.7 per cent to 8965.1 from 8728.8 when it closed yesterday.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The </span><a href="https://www.9news.com.au/national" rel="" target="_blank" title="Australian "><span>Australian</span></a><span> dollar also jumped more than 2 per cent to US71c and gold rose 2.4 per cent to $US4818 an ounce.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/national/global-oil-prices-plunge-and-asx-enjoys-sharp-surge-after-trump-abandons-iranian-threat/3f9801a5-d0b4-45ad-add2-f09242c3bd77" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Eight of the 11 sectors are also trading in the green, with energy and utilities still down.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Asian markets also rose, with Japan's Nikkei increasing 4.5 per cent and South Korea's Kospi increasing 6.1 per cent.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>It comes after a shaky start earlier this morning, when oil prices rose and US stocks fell in anticipation of Trump's deadline to end the Iranian civilisation and strike their power plants and bridges today.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE: </span></strong><a href="https://www.9news.com.au/world/donald-trump-iran-war-strait-of-hormuz-deadline-approaching/41ce2532-cb03-4bd3-ac33-54669584c98a" rel="" target="_blank" title=""><strong><span>88 minutes until the death of a 'civilisation': How close Trump got to deadline</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The US President changed his mind just hours ago following conversations with Pakistan.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Based on conversations with Prime Minister Shehbaz Sharif and Field Marshal Asim Munir, of Pakistan, and wherein they requested that I hold off the destructive force being sent tonight to Iran, and subject to the Islamic Republic of Iran agreeing to the COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz, I agree to suspend the bombing and attack of Iran for a period of two weeks," he said in a Truth Social post.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"This will be a double sided CEASEFIRE!" </span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Iran's Supreme National Security Council accepted the proposal and said it would begin negotiations with the US and allow ships to pass through the Strait of Hormuz.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"It is emphasised that this does not signify the termination of the war," Iran's Supreme National Security Council said in a statement.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Our hands remain upon the trigger, and should the slightest error be committed by the enemy, it shall be met with full force."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><em><span>NEVER MISS A STORY:</span></em></strong><span> </span><em><span>Get your breaking news and exclusive stories first by following us across all platforms.</span></em></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><ul><li><strong><em><span>Download the 9NEWS App here 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