The euro and the yen rose against the dollar on Tuesday after the announcement of a ceasefire between Israel and Iran triggered a sharp drop in oil prices, though investors remained cautious about the outlook in the Middle East.

Oil surged on the attacks and the price of a barrel is now around $75, about $10 more than it was two weeks ago. Shipping interests are watching to see whether Iran chooses to interrupt global oil shipments that pass through the Strait of Hormuz, a narrow stretch of water that links the Persian Gulf to the Gulf of Oman.

The price of oil jumped more than 2% and U.S. stock futures and Asian shares are down as global markets react to the American bombing of nuclear targets in Iran.