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.
Trump’s comments briefly sent the price of the Brent crude oil benchmark down around 13% to fall below $100 a barrel. By 11:55 GMT, however, it was back around $105.
In a post on Truth Social, Trump wrote, “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.”
Trump added that he has instructed US Department of Defence to postpone “any and all” military strikes against Iranian power plants and energy infrastructure for a five-day period, “subject to the success of the ongoing meetings and discussions.”
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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) 
