The sudden shift in market sentiment can be attributed to a statement made by President Donald Trump, in which he claimed that the U.S. has reached a peace deal with Iran. This development has led to a decrease in oil prices and an increase in U.S. stock-index futures. The Strait of Hormuz, a critical waterway for global oil trade, had been shut down due to hostilities between the U.S. and Iran, causing an oil shock that affected the global economy. The implications of this deal, if it is indeed true, are significant for the global economy, particularly in the oil market.

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