U.S. stock index futures experienced a significant rise on Wednesday, with the Dow E-minis increasing by 1,045 points or 2.23% following a ceasefire agreement between the U.S. and Iran. This agreement alleviated fears regarding potential disruptions in oil supplies through the Strait of Hormuz, a critical waterway for global oil trade. As a result, crude oil prices plummeted by 16%, nearing $90 a barrel. Global equity markets also rallied, with Asian and European indexes climbing between 4% and 5%. However, analysts, including Josh Gilbert from eToro, emphasize that the rally's sustainability hinges on tangible progress in negotiations. If the ceasefire does not lead to a lasting resolution, a reversal of the current market gains is anticipated. Additionally, travel and leisure stocks surged, with American Airlines and Delta Airlines gaining 7.3% and 6.8%, respectively. Despite the relief, concerns linger regarding the potential economic impact of prolonged conflict and rising energy costs, which could complicate the Federal Reserve's monetary policy.