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 futures edged higher and benchmark oil prices were on course for modest gains Monday, with investors seemingly not too fazed by the U.S. bombing of nuclear sites in Iran. Futures tracking the Do