Oil prices plunged below $100 a barrel, while Asian markets and US stock futures surged after the United States and Iran agreed to a two-week truce that includes reopening the Strait of Hormuz.

Japan's Nikkei 225 index jumped 4.8%, while South Korea's Kospi index gained 5.6%. S&P 500 futures rose 2.3% as of 9:30 p.m. ET, while Dow futures climbed 2%, according to the Associated Press.

US crude oil futures fell 14.3% to $96.83 a barrel, while Brent crude, the international benchmark, dropped 13.3% to $94.74 a barrel. Oil prices had risen sharply due to the war that disrupted oil production and transport in the Gulf. Much of this oil passes through the Strait of Hormuz to reach customers worldwide, but Iran had blocked passage to its "enemies."