The news of a two-week ceasefire between the U.S. and Iran has led to a significant rally in global markets, with oil prices dropping below $100 a barrel and stocks and bond prices rising. However, traders remain cautious about the staying power of the ceasefire and the prospects for a resolution to the ongoing war and energy shock. Major indexes in Europe and Asia have also surged, with Japan's Nikkei gaining over 5% and South Korea's KOSPI more than 6%. Bond prices have surged following the announcement, with U.,S. Treasury yields falling as traders bring the prospect of Fed rate cuts back to the table. Meanwhile, the dollar index fell from recent 11-month highs as the country retreated on all developed market peers.