FTSE 100 Up Nearly 3% At Noon As Market Reacts To U.S.-Iran Ceasefire Deal

U,K.’s equity benchmark FTSE 100 rose sharply on Wednesday thanks to hectic buying across the board following the U.S. and Iran agreeing to a two-week ceasefire to ensure stability in the region’s critical energy corridor.

Following the development, oil prices tumbled, easing worries about inflation and growth. Brent crude futures tanked as much as 14% to $91 a barrel.