Morning Business Report: Markets surge on Iran ceasefire, airlines raise fees, and used car prices climb

Morning Business Report: Markets surge on Iran ceasefire, airlines raise fees, and used car prices climb

(LILAMAX)-  Stocks surged overnight, with the Dow jumping as much as 900 points following the announcement of a two-week ceasefire. Oil prices also dropped sharply, falling 17 percent on hopes of stability in global energy markets.

The agreement is tied to reopening the Strait of Hormuz, a critical route for oil shipments worldwide.

In the auto market, used car prices have climbed to their highest levels since 2023. Cox Automotive says demand remains strong, with inventory sitting at less than a 40-day supply.

Meanwhile, Cars.com released its list of best-value vehicles, highlighting models like the Ford F-150 pickup and Kia Sportage.

Markets also showed volatility, recovering more than one percent from earlier losses after reports of a possible deadline extension tied to the ceasefire negotiations.

Air travelers may soon see higher costs as well. Delta Air Lines and Southwest Airlines are joining United and JetBlue in raising checked bag fees by $10 starting this week, citing higher fuel costs.

At the same time, automaker Chrysler says interest in minivans is growing again. With the average price of a large SUV now around $77,000, according to Edmunds, minivans are emerging as a more affordable option at just over $48,000.