The US-Iran war may finally be coming to a pause, as a deal has reportedly been reached between the United States and Iran to freeze fighting. President Trump said late Sunday that the US had reached a ceasefire deal with Iran, calling the agreement “complete” in a post to Truth Social. Talks to finalize the peace deal are expected to begin within 60 days. Iran has yet to confirm the deal, but indices have begun to climb after weeks of volatility.

The tech-heavy Nasdaq Composite (^IXIC) led gains, soaring 2.2%, while the S&P 500 (^GSPC) jumped 1.3%. The Dow Jones Industrial Average (^DJI) climbed 1.2% on the heels of Friday’s solid gains for Wall Street stocks. Meanwhile, oil stocks like Chevron (CVX) and Exxon Mobil (XOM) dipped 3%. Oil prices fell more than $4 a barrel on the news that shipping may soon be restored through the key trade route. “Ships of the World, start your engines. Let the oil flow!” Trump wrote on Truth Social.

The provisional US-Iran deal could reopen the crucial Strait of Hormuz waterway to oil tankers as soon as this week, but a return to normal flows is seen as months away. The two sides are set to meet on Friday in Switzerland to formally sign the interim deal. Trump and Vice President JD Vance both have electronically signed the framework agreement with Mohammad Bagher Ghalibaf, Iran’s lead negotiator, according to a senior U.S. official.

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Wall Street enters the week with momentum following SpaceX’s (SPCX) blockbuster public debut on Friday. Shares of the Elon Musk-led company rose over 8% at the opening bell after rocketing up over 19% in their first trading session to push the company’s market value above $2 trillion.