A 2-week ceasefire between the U.S. and Iran has led to a relief rally across risk assets, sending stocks higher and oil prices tumbling below $100 per barrel. The announcement was seen as a potential turning point in the conflict that has rattled markets for weeks. Stocks across Asia, with South Korea's Kospi rising over 5%, and Japan's Nikkei 225 rising 4%, while Australia's S&P/ASX 200 advanced 2.7%. Futures for the Dow Jones Industrial Average rose by 967 points, or 2.1%, and Nasdaq 100 futures also rose 2.3%. Investors also flocked to Treasurys, with yields on 10-year and 2-year debt down 9 basis points to 4.253% and 4.839%. Despite this, investors are not fully removing hedges given the uncertain nature of the situation.