President Donald Trump said on Tuesday that he had agreed to a two-week ceasefire with Iran, less than two hours before his deadline for Tehran to reopen the Strait of Hormuz or face widespread attacks on its civilian infrastructure.

Oil dived, bonds rallied, and stocks surged as the ceasefire was seen as paving the way for a lasting peace and resumption of Gulf oil and gas exports.

Below are some reactions from investors and analysts:

MARTIN WHETTON, HEAD OF FINANCIAL MARKETS STRATEGY, WESTPAC, SYDNEY:

"This is what happens all the time. Does it mean people are going to take new risks? No, it doesn't.

"It would have to actually be a lasting peace [to change things]. People aren't actually taking risk. This is algos doing stuff."

BRIAN JACOBSEN, CHIEF ECONOMIST, ANNEX WEALTH MANAGEMENT, MENOMONEE FALLS, WISCONSIN:

"President Trump said he agreed to a two-week ceasefire. That's enough to keep hopes alive that not only will an entire civilization NOT be destroyed, but we could see oil start flowing through the Strait of Hormuz.

"Is it just kicking the can down the road, moving the goalposts, TACO Tuesday, or whatever metaphor we'd like, to only to have tempers flare and bombs drop again? Who knows? But it's good enough for now to elicit a positive response from the markets."