Just for context. THERE'S NO CEASEFIRE THAT HAPPENED. Both countries are still at war although the Iran said that they will only stop if Israel stops on attacking them.

Let's not forget that the market movement heavily base on the sentiments of the investors, and for them, a war means a negative sentiment, and because of that, it will reflect towards the market hence, the downfall of price. It's also the same when they hear good news. Market will go up because the sentiment is positive, and investors see this is a good buying opportunity.

War affects the price of the market because it's a negative sentiment for the investors. It also happened when the Russia-Ukraine war happened, and it's nothing different on this one.