US-Iran Deal Sparks Market Rally as Geopolitical Tensions Ease

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2026-06-16 01:37:01

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Markets surged on news of a provisional US-Iran agreement to freeze hostilities, with tech stocks leading gains. The Nasdaq Composite jumped 2.2% while the S&P 500 rose 1.3%, as oil prices dropped $4/barrel on anticipated Strait of Hormuz reopening.

Cryptocurrencies showed muted reaction despite broader risk-on sentiment. Bitcoin held steady near $60,000 while Ethereum traded flat. Energy-linked tokens like OIL and fuel-themed memecoins saw no significant movement.

The deal, to be finalized in Switzerland this week, could restore 20% of global oil shipments through the critical waterway. Chevron and Exxon shares dipped 3% in premarket trading as traders priced in increased supply.

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