Oil prices rose on Thursday on investors' concerns supply from the key Middle East producing region may ​not fully resume amid doubts the two-week ceasefire between the U.S. and Iran will ‌hold and as the crucial Strait of Hormuz remains restricted.

Oil prices decline following ceasefire involving U.S., Israel, and Iran, impacting global market shares. Gas prices remain stable amid the news.

Oil prices plunged below $100 a barrel and Asia markets and U.S. stock futures jumped after the U.S. and Iran agreed to a two-week ceasefire that includes the reopening of the Strait of Hormuz

The cost of crude plunged on Wednesday after a deal was announced that includes the opening of the Strait of Hormuz.

From aluminum to helium to fertilizer, key materials are already seeing shortages that could raise prices on everyday goods.

Oil prices plummeted and stocks surged Wednesday after a fragile ceasefire between the United States and Iran took effect, spurring hopes that oil tankers would be allowed to pass through the Strait of Hormuz.

Investors cheered the announcement of a two-week ceasefire, which President Trump said is contingent on the reopening of the Strait of Hormuz.

Oil prices plunged below $95 per barrel, and stock markets surged worldwide Wednesday after President Trump pulled back from his threat to destroy Iran.