Oil prices swing wildly after Trump ceasefire announcement

Oil prices have been highly volatile in recent days, jumping over 2% after reported strikes on Iran's key Kharg Island export terminal, then plunging after President Trump announced a two-week ceasefire between the US, Israel, and Iran. The Dow Jones Industrial Average saw its best day in a year following the ceasefire news.

Traders are now positioning for another Trump deadline as frustration grows over the ongoing energy attacks. European gas prices also ticked higher amid threats of escalation. The ceasefire announcement led to a sharp drop in oil prices below $100 and a rally in stocks, though analysts note that hurdles remain.