By Dow Jones Newswires Staff
Oil dropped over 11% and stocks surged as global markets dramatically reversed course after President Trump said the U.S. would postpone all strikes against Iranian energy assets for five days.
In a Truth Social post early U.S. morning, the president heralded successful talks with Iran "regarding a complete and total resolution to our hostilities." Brent crude oil dropped to under $100 a barrel following the comments, as yields on U.S. government debt fell and the dollar weakened.
In equity markets, U.S. futures pivoted from sharp losses to gains. European stock indexes that had begun the day in correction territory raced into the green following Trump's post.
Iran refuted Trump's post, and said there was no direct or indirect contact between the U.S. and Iran.
--Brent crude, the international benchmark, was 11% lower at below $100 a barrel. WTI crude, the U.S. benchmark, was 12% lower at roughly $87 a barrel. Oil had been climbing earlier in the session, with investors on edge after President Trump said the U.S. would strike Iranian infrastructure late Monday unless Iran opened the Strait of Hormuz.
--U.S. futures turned to positive, with major indexes all up above 2% premarket after starting the day in the red. Futures tied to the Dow Jones Industrial Average, the S&P 500 and the tech-heavy Nasdaq were all around 2.1% higher.
--Blue-chip European indexes had fallen into correction territory in early trade as oil prices climbed further. But after Trump's Truth Social post, indexes surged into the green. The Europe-wide Stoxx 600 index pivoted to a 1.5% gain, while the industrial-heavy German DAX surged 2.5% higher after falling over 2% earlier in the session. France's CAC 40 jumped 2.6%. In London, the FTSE 100 gained 0.5%, though losses for oil majors that had been supported by higher energy prices weighed on the index.
--The dollar turned lower, with the DXY Dollar Index falling to an intraday low of 99.128. The dollar has strengthened on the back of the conflict due to its safe-haven role and America's position as a net oil exporter as energy prices rise.
--U.S. 10-Year Treasury yields fell 8.4 bps to 4.307%, while Eurozone bond yields turned sharply lower.
--Cryptocurrencies gained in line with improved risk appetite. Bitcoin was last up 4.2% at $71,050, having earlier fallen to a two-week low of $67,383, LSEG data show. Ether rose 5.3% to $2,164.
Write to Barcelona Editors at barcelonaeditors@dowjones.com
(END) Dow Jones Newswires
March 23, 2026 07:58 ET (11:58 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
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