Oil prices fall, stock markets set to rally after Trump delays Iran strikes
Global News
The main U.S. indexes were on track to open higher on Monday after President Donald Trump said he would order the military to postpone strikes against Iranian power plants.
The main U.S. indexes were on track to open higher on Monday after President Donald Trump said he would order the military to postpone strikes against Iranian power plants and energy infrastructure following “productive conversations” with Tehran.
Iran’s Fars News Agency, however, disputed Trump’s statement, citing a source who said there had been no direct communication with the United States, nor via intermediaries. Israel’s military said it was conducting strikes on Iran.
Still, global markets staged a sharp recovery after Trump’s comments, with Europe’s STOXX 600 and precious metals turning positive, while oil prices fell, signaling improving risk appetite.
Markets had been trading lower after Iran’s Revolutionary Guards said Tehran would attack Israel’s power plants and plants supplying U.S. bases in the Gulf if Trump carried out his threat to “obliterate” Iran’s power network.
“It’s exactly what the market needed to hear to sort of reprice worst case expectations. This means there is potential for the Strait of Hormuz to reopen; it’s being priced in almost immediately,” said Fiona Cincotta, senior market analyst at City Index.
The recovery depended on if “we get more supportive comments, particularly from Iran” that progress was being made, she said.
At 08:03 a.m. ET, Dow E-minis rose 653 points, or 1.42 per cent, S&P 500 E-minis added 85.25 points, or 1.3 per cent, and Nasdaq 100 E-minis gained 312 points, or 1.29 per cent.
The CBOE Volatility Index – Wall Street’s fear gauge – retreated after earlier hitting its highest level in two weeks – and was last up 0.30 points at 27.08.
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