Oil prices are tumbling after President Donald Trump announced a Israel-Iran ceasefire agreement. Oil prices were already falling after Iran launched strikes on a US airbase in Qatar. Markets saw Iran's strikes as a de-escalatory move as Tehran did not target the Strait of Hormuz.

Stock market futures climbed and oil prices fell Tuesday, a sign Wall Street expects geopolitical risks to recede.

Stock futures were down on Sunday as investors reacted to the U.S. attack on Iranian nuclear facilities on Saturday. Oil prices jumped amid fears that Tehran’s retaliation could disrupt crude flows. The dollar tumbled as it continues to lose favor as a safe-haven asset,