Oil prices dropped Monday and stock futures soared after President Trump said the U.S. will postpone further strikes on Iranian energy infrastructure for five days, citing productive talks between the two countries.
Brent crude futures fell more than 10%, dipping below $100 a barrel for the first time in days.
U.S. stock futures jumped, with contracts tied to the Dow industrials and the S&P 500 advancing 2.5%--reversing declines from earlier in the morning, when the prospect of further escalation hung over markets. The 10-year U.S. Treasury yield, which had earlier jumped above 4.4%, retreated sharply on the news of the talks.
Over the weekend, President Trump had set a deadline for Tehran to reopen the Strait of Hormuz by Monday evening, threatening to "obliterate" Iran's power plants if this didn't happen.
Gold pared losses after Trump effectively extended that deadline, but still traded 3% lower. It ended last week with steep declines on worries that higher inflation due to the conflict would keep interest rates elevated.
Bitcoin jumped around 4%, as did other cryptocurrencies.
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(END) Dow Jones Newswires
March 23, 2026 07:38 ET (11:38 GMT)
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