Investing.com -- U.S. airline stocks jumped in premarket trading on Wednesday as oil prices plunged following a conditional ceasefire agreement between the United States and Iran, de-escalating a conflict that has gripped energy markets for more than five weeks.

Delta Air Lines, United Airlines, and American Airlines rose between 6% and 8% before the opening bell by 05:42 ET as crude oil prices fell to the lowest level since March 25. Brent was down 14.1% at $93.83 at the time of writing.

Jet fuel costs, which represent one of the largest expenses for carriers, track crude prices closely, making the drop a significant tailwind for airline profitability.

The selloff in oil came after President Trump announced late Tuesday that he had agreed to suspend planned attacks on Iranian infrastructure for two weeks, conditional on Iran agreeing to the immediate reopening of the Strait of Hormuz.

"This will be a double sided CEASEFIRE!" ​Trump wrote on Truth Social. "The reason for doing so is that we have already met and exceeded all Military objectives, and are very far along with a definitive Agreement concerning Longterm PEACE with Iran, ​and PEACE in the Middle East."

Iranian Foreign Minister Abbas Araghchi also said on behalf of the country’s Supreme National Security Council that Tehran’s armed forces will "cease their defensive operations."

Trump, who had issued a series of threats in recent weeks before pulling back, said progress in talks had prompted him to agree to the ceasefire. Iran had presented a 10-point proposal that he described as a "workable basis" for negotiations, and he expected a deal to be finalized within the two-week window.

Markets responded positively, with global equities climbing following the deal’s announcement.