Oil cools 13%, stocks zoom after Trump orders 5-day pause in strikes on Iran’s power plants
Earlier, Donald Trump had said the US has “the capability to go far longer” than its projected four-to-five-week time frame for military operations against Iran. (file) US President Donald Trump on Monday said that he will order the military to postpone any strikes against Iranian power plants and energy infrastructure for five days which led to crude oil prices fall by over 13%.
Dow Jones Industrial Average futures jumped 715 points, or 1.6%. S&P 500 futures rose 1.5%, and Nasdaq-100 futures added 1.6%.
Before Trump’s comments, futures were pointing to more losses for equity markets as oil prices skyrocketed over uncertainty about when the Iran conflict would end.
The global oil benchmark, Brent crude, plunged more than 7% to trade below $99 a barrel, after having climbed up to $114 a barrel in the day, CNN reported. The US benchmark, WTI, also fell 8% to trade at $90 a barrel, which is around $10 below where it had been trading earlier in the day.
