With the promise of renewed negotiations with Iran and Trump’s statements that a resolution will come soon, oil prices have dropped and U.S. stocks are reaching all-time highs. 

The U.S. benchmark price of oil surged to $112 per barrel last week prior to Trump announcing a two-week ceasefire with Iran. Once announced, the West Texas Intermediate price fell below $100. It continued to fall Wednesday, settling around $91 per barrel. 

Stocks are approaching record highs Wednesday. The S&P 500 gained 0.4%, according to Yahoo!Finance. The Nasdaq Composite gained 1%, and the Dow Jones Industrial Average lost 0.4%. 

This surge has effectively wiped out losses that were seen since the start of the conflict on Feb. 28.