Investing.com -- Shares of major U.S. airlines surged Wednesday morning following a sharp decline in oil prices after the U.S. and Iran agreed to a two-week ceasefire and the reopening of the Strait of Hormuz late Tuesday.

United Airlines climbed nearly 14%, while American Airlines gained 11%. Delta Air Lines rose 10.6%, JetBlue jumped 12.5%, Southwest Airlines advanced 13%, and Frontier Airlines rallied 12.2%.

Crude oil WTI futures dropped over 17% to trade around $93.60 following the ceasefire agreement between President Trump and Iran, which includes the reopening of the Strait of Hormuz.

Delta Air Lines reported first-quarter results earlier Wednesday, posting earnings of $0.64 per share, beating the analyst estimate of $0.61. Revenue reached $14.2 billion, surpassing the consensus estimate of $13.97 billion. The Atlanta-based carrier reported operating income of $652 million with an operating margin of 4.6%.