NEW YORK:Oil prices plunged and US stock futures jumped after President Donald Trump said he would hold off on his threat of devastating attacks on Iran for two weeks if the Iranians agree to allow ships to pass through the Strait of Hormuz.

Futures for US crude oil sank 18% to around $92.60 while Brent crude oil futures fell about 6% to $103.40.

Both prices remain well above where they were at the start of the war. Futures for the S&P 500 rose 2.4%. Trump said Iran has proposed a “workable” 10-point peace plan that could help end war the US and Israel launched on Feb 28. (AP)