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 index futures pared some gains but remained in the green on Tuesday after Israel said it will respond to Iran's violation of the ceasefire agreement. S&P 500 futures (SPX) +0.8%, Nasdaq 100 futures (US100:IND) +1.

President Trump's decision to enter the US into the Israel-Iran conflict threw a fresh bout of uncertainty into a market rushing to grapple with the fallout.