<h1>Oil prices plunge 4-5% on Middle East ceasefire reports, stocks rally as inflation concerns ease</h1> Oil prices dropped significantly following reports of a ceasefire between conflicting Middle Eastern nations, with US crude falling 4.4% and Brent crude declining 5%. Stock markets rallied globally, with the S&P 500 rising 0.9% and approaching record highs. The decline in oil prices eased inflation concerns and raised expectations for potential Federal Reserve interest rate cuts. Travel and fuel-dependent companies saw strong gains, with cruise operators and airlines benefiting from lower oil costs. Global markets responded positively, with Asian and European indexes posting gains exceeding 1%.