President Trump announced a ceasefire between the U.S. and Iran today.
Oil prices plunged 15% following the de-escalation. Crude prices dropped below $100 a barrel as the threat of a wider war receded.
Global stock markets surged in response to the news. The consumer discretionary sector is expected to be the primary beneficiary of lower energy costs.
Cheaper fuel prices alleviate the financial pressure on consumers, likely increasing spending on non-essential goods. Analysts suggest airlines and other relief-sensitive stocks will see significant gains if the ceasefire holds.