Oil prices plunged by more than 15%, dropping below $100 a barrel, following a conditional ceasefire agreement between the United States and Iran. This announcement led to a significant rally in Asian stock markets, with Japan's Nikkei 225 rising 5.45% and the Australian market climbing 2.55%. The ceasefire, mediated by Pakistan, aims to facilitate diplomatic discussions, allowing for a temporary reopening of the Strait of Hormuz, a vital shipping route. In early trading, Brent crude fell to $93.82 per barrel, a stark contrast to its price of around $72 before the recent conflict escalated. The US dollar also experienced a decline of over 1% against a basket of major currencies, while spot gold rose 2.6% to $4,825 an ounce. Despite the positive market reaction, analysts caution that uncertainties remain regarding the ceasefire's sustainability and its implications for energy supply chains. The upcoming talks in Islamabad on April 10 will be critical in determining the future of US-Iran relations and regional stability.