Global stocks are jumping and oil prices are dropping after U.S. President Donald Trump announced a ceasefire agreement between Iran and Israel.

President Donald Trump on Monday announced that Israel and Iran had agreed to a ceasefire, after more than a week of fighting following Israel's strikes -- and subsequent U.S. attacks -- on Iran's nuclear program.

Israel and Iran agreed to a ceasefire early Tuesday hours after President Donald Trump announced the agreement to halt attacks had taken effect and declared an end what he called the 12 day war.