{"id":2453,"date":"2026-06-28T23:44:00","date_gmt":"2026-06-28T23:44:00","guid":{"rendered":"https:\/\/crosscountrymovingteams.com\/?p=2453"},"modified":"2026-06-28T23:44:00","modified_gmt":"2026-06-28T23:44:00","slug":"markets-feel-relief-as-the-u-s-and-iran-agree-to-a-ceasefire-on-their-earlier-ceasefire-that-was-looking-at-lot-like-a-war-over-hormuz","status":"publish","type":"post","link":"https:\/\/crosscountrymovingteams.com\/?p=2453","title":{"rendered":"Markets feel relief as the U.S. and Iran agree to a ceasefire on their earlier \u2018ceasefire\u2019 that was looking at lot like a war over Hormuz"},"content":{"rendered":"
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Futures tied to the Dow Jones industrial average rose 101 points, or 0.19%. S&P 500 futures were up 0.45%, and Nasdaq futures jumped 0.64%.<\/p>\n

Read more NASA plans daring robotic rescue mission to prevent an aging space telescope from falling back to Earth, and the legendary Hubble could be next<\/a><\/p>\n

But energy markets were still spooked as any fighting around the Strait of Hormuz threatens the nascent recovery in ship traffic through the vital chokepoint.<\/p>\n

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U.S. oil futures climbed 1.5% to $70.29 a barrel, and Brent crude rallied 1.1% to $72.80. <\/p>\n

Sources told Axios that both sides agreed to halt attacks on each other and meet in Qatar on Tuesday to resolve differences over the Strait of Hormuz.<\/p>\n

Earlier on Sunday, Iran launched new attacks on Kuwait and Bahrain, while\u00a0threatening a \u201ccomplete halt\u201d to peace talks. It continuined a tit-for-tat cycle of retaliation after U.S. airstrikes punished the regime for targeting commercial ships with drones.<\/p>\n

The renewed skirmishes came as\u00a0Iran seeks to shut down\u00a0an alternate route through the strait that\u2019s protected by the U.S. and bypasses a Tehran-backed channel meant to normalize its control over the narrow waterway.<\/p>\n

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President Donald Trump accused Iran of violating the two-week-old ceasefire deal and lobbed more of his signature apocalyptic threats, though he has also signaled reluctance to restart all-out war.<\/p>\n

\u201cThere may come a point when we are no longer able to be reasonable, and will be forced to militarily complete the job that we very successfully started,\u201d he\u00a0wrote\u00a0on Truth Social. \u201cIf that happens, the Islamic Republic of Iran will no longer exist!\u201d<\/p>\n

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For now, the U.S. Navy appears to be making of a point of showing that the alternate route is still safe, as Gulf traffic data Sunday revealed a convoy of tankers heading through the strait under escort with their transponders turned on.<\/p>\n

Read more How Paris is using\u00a0the Seine to try to keep cool in scorching\u00a0heat<\/a><\/p>\n

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But Iran observers noted the regime was forcing the U.S. into an escalation trap over the Strait of Hormuz that could lead to more war.<\/p>\n

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\u201cFor the US, the fact that the Oman route might be blocked presents it with a big ultimatum: either the US escalates or gives IRGC control of the Strait of Hormuz. Logic says there\u2019s no way that would happen, so escalation will continue,\u201d HFI Research\u00a0posted on X.<\/p>\n

For its part, Tehran isn\u2019t budging from its position that control over the strait rests with Iran. Earlier this month, it created the Persian Gulf Strait Authority and suggested ships would have to pay fees to cross Hormuz.<\/p>\n

Foreign Minister\u00a0Abbas Araghchi\u00a0claimed on Sunday that the memorandum of understanding the U.S. and Iran signed gives the regime the exclusive right to manage traffic.<\/p>\n

\u201cThe management and full restoration of maritime traffic in the Strait of Hormuz is Iran\u2019s responsibility,\u201d he said, according to state media. \u201cNo other country or entity has any responsibility or authority in this matter.\u201d<\/p>\n

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Meanwhile, investors are looking for rebound in a holiday-shortened week after tech stocks led a deep selloff last week. <\/p>\n

With the U.S. observing Independence Day on Friday July 3, the Labor Department\u2019s monthly jobs report will come on Thursday, a day earlier than usual.<\/p>\n

Wall Street expects June payrolls to increase by 118,000, down from May\u2019s gain of 172,000, and for the unemployment rate to remain steady at 4.3%. <\/p>\n

Read more Ukraine\u2019s drone attacks hit more Russian refineries and create fuel shortages in Siberia\u2014thousands of miles from the war<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Sources told Axios that the U.S. and Iran agreed to halt attacks and meet in Qatar on Tuesday to resolve differences over the Strait of Hormuz.<\/p>\n","protected":false},"author":1,"featured_media":2452,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-2453","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oil"],"yoast_head":"\nMarkets feel relief as the U.S. and Iran agree to a ceasefire on their earlier \u2018ceasefire\u2019 that was looking at lot like a war over Hormuz - Cross Country Moving Team<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/crosscountrymovingteams.com\/?p=2453\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Markets feel relief as the U.S. and Iran agree to a ceasefire on their earlier \u2018ceasefire\u2019 that was looking at lot like a war over Hormuz - 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