08:05 AM EDT, 04/08/2026 (MT Newswires) -- US equity futures were sharply higher pre-bell on Wednesday after the US and Iran agreed on a two-week ceasefire.

Dow Jones Industrial Average futures were 2.8% higher, S&P 500 futures were up 2.8%, and Nasdaq futures were 3.5% higher.

President Donald Trump said that reopening the Strait of Hormuz was a key condition of the ceasefire, and Iran has agreed to allow the safe transit of vessels in the area. Talks between the two nations will begin on Friday in Islamabad, Pakistan.

Oil prices were sharply lower, with front-month global benchmark North Sea Brent crude down 15.5% at $92.30 per barrel and US West Texas Intermediate crude 17.6% lower at $93.07 per barrel.

The Federal Open Market Committee is scheduled to release the minutes from its most recent meeting at 2 pm ET.