The price of oil fell and markets surged after a report that the U.S. and Iran were reportedly close to a deal to end the war and eventually reopen the Strait of Hormuz. The price of crude oil fell by 9% to around $93 per barrel and international Brent crude oil by 8%. Wholesale gas prices dropped 5% and heating oil fell 6.5%. Major stock futures surged, indicating major indexes would jump sharply on the opening bell. Bond yields also dropped sharply, dropping to their lowest levels in about a week. The progress came after President Donald Trump ended "Project Freedom," an effort to guide stranded commercial vessels through the Strait.