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U.S. stock futures jumped and oil prices fell on Tuesday evening, after President Donald Trump announced a two-week-long cease-fire deal with Iran that would delay a planned American bombing assault on the country and make more time for negotiations between the two sides.

The U.S. stock market drifted higher in tentative trading ahead of a deadline President Trump has set for Iran to open the Strait of Hormuz.

The price of oil per barrel fell after President Trump announced a two-week pause on Iran strikes if the country agreed to open the Strait of Hormuz.  NBC News' Brian Cheung breaks down how the markets are responding to Trump's announcement.

"This is a potentially huge market event like no other. It's a known unknown with a clock," one investment adviser said.

Economists fear the current oil shock will undoubtedly cause an increase in inflation, on top of the existing affordability crisis. Joe Brusuelas, Chief Economist at RSM U.S., tells Becky Anderson about his concerns.

Investors cheered the announcement of a two-week ceasefire, which President Trump said is contingent on the reopening of the Strait of Hormuz.

Trump wrote on Truth Social that "A whole civilization will die tonight" as his 8 p.m. ET ceasefire deadline approaches.