U.S. stock futures and cryptocurrencies surged after reports that President Donald Trump agreed to pause military action against Iran for two weeks, contingent on the full and immediate reopening of the Strait of Hormuz.
As of 6:50 p.m. on April 7 in NEW YORK, United States, Dow Jones Industrial Average futures rose 1.54%, S&P 500 futures gained 1.58%, and Nasdaq futures jumped 1.95%.
At the same time, Bitcoin traded at $71,113, up 2.84% over the past 24 hours, according to CoinMarketCap.
Ethereum, the second-largest cryptocurrency by market capitalization, rose 3.07% to $2,191.
Binance Coin, ranked fourth by market cap, gained 2.38% to $617, while XRP, ranked fifth, climbed 2.70% to $1.36.
Earlier in the day, Pakistani Prime Minister Shehbaz Sharif requested that Trump extend the deadline for attacks on Iranian infrastructure, including bridges and power plants, by two weeks.
As a gesture of goodwill, he also called on Iran to reopen the Strait of Hormuz for the same period.
Trump subsequently agreed to suspend attacks on Iran for two weeks, on the condition that the country fully and immediately reopens the strategic waterway.