Oil Prices Fall Sharply U.S. Stocks Rise Following U.S. President Decision to Postpone Strikes on Iran

AP

Trader works on the floor of New York Stock Exchange.

Oil prices dropped by more than 13% on Monday, while U.S. stock market futures recorded a sharp rise after U.S. President Donald Trump announced he would order the postponement of military strikes against Iranian power plants and energy infrastructure.

Brent crude futures fell by approximately $17, or 15 per cent, reaching a session low of $96 per barrel by 11:08 GMT. Meanwhile, U.S. West Texas Intermediate declined by $13, or around 13.5 per cent, to a session low of $85.28 per barrel.

Futures linked to the Dow Jones Industrial Average rose by 1,100 points, or 2.6 per cent, while both the S&P 500 and Nasdaq-100 futures advanced by 2.7%.

U.S. President Donald Trump has stated that the United States and Iran have engaged in highly productive discussions aimed at achieving a complete resolution to hostilities in the Middle East. He further confirmed that he had instructed the Department of War [Defence] to postpone any military action against Iranian power plants and energy infrastructure for a period of five days.

"I am please 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," President Trump said in a post on Truth Social.

"Based on the tenor and tone of these in depth, detailed, and constructive conversations, which will continue throughout the week, I have instructed the Department of War 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. Thank you for your attention to this matter!" He added.




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