Global markets experienced a notable rebound as oil prices dropped below $100 per barrel, driven by optimism over a potential ceasefire agreement between the U.S. and Iran. The Dow Jones Industrial Average fell by 85 points (0.2%), while the Nasdaq composite saw a slight increase of 0.1%. Oil prices plummeted with U.S. crude futures sinking 14.3% to $96.83 and Brent crude down 13.3% to $94.74. This decline follows a period of volatility caused by the ongoing conflict affecting oil production and transportation, particularly through the Strait of Hormuz, a critical route for global oil exports. Gasoline prices surged to an average of $4.14 per gallon in the U.S., significantly higher than the $3 mark just before the conflict escalated in late February. Asian markets also rallied, with Japan's Nikkei 225 rising 4.8% and South Korea's Kospi gaining 5.6%. The bond market responded positively, with the yield on the 10-year Treasury note falling to 4.24%, although still above pre-war levels, indicating potential economic implications for U.S. households and businesses.