Stock futures shot higher in a sudden move after President Donald Trump said the U.S. and Iran have held productive talks over the last two days and he was halting any strikes on Iranian power plants and energy infrastructure.
Dow Jones Industrial Average futures jumped 871 points, or 1.9% higher. S&P 500 futures jumped 2.1%, and Nasdaq-100 futures added 1.93%.
While oil futures sank over 12% on the news.
“I am pleased to report that the United States of America, and the country of Iran, have had, over the last two days, very good and productive conversations regarding a complete and total resolution of our hostilities in the Middle East,” wrote Trump in a Truth Social post.
Those moves came as the Iran war entered its fourth week, with tensions escalating over the weekend. President Donald Trump threatened an attack on Iranian power plants if the Strait of Hormuz — a key shipping route for oil and other energy products — isn’t reopened. Iran responded in turn said it would target U.S. infrastructure, including energy and desalination facilities in the Gulf, if the U.S. carried out its threat.