- President Donald Trump said Monday that the US and Iran had held "productive" talks.
- Oil prices fell to below $90 a barrel, and stock futures jumped following his comments.
- Strikes against Iranian power plants and energy infrastructure were postponed, Trump said.
Stock futures rose and oil prices fell after President Donald Trump said early Monday that the US and Iran had held "productive" conversations around a resolution to the conflict.
US West Texas Intermediate oil dropped to below $90 a barrel on the news, down from over $100 Monday morning, while Brent Crude dipped below $100. Dow Jones Industrial Average futures were up about 2.6%.
In a post on Truth Social, Trump said that the US and Iran had held "productive conversations regarding a complete and total resolution of our hostilities in the Middle East."
Trump added that he had instructed the Department of Defense to postpone any strikes against Iranian power plants and energy infrastructure for a five-day period, "subject to the success of the ongoing meetings and discussions."
Oil prices rose again after their initial drop, with Brent Crude back up to about $105 early Monday. Chris Beauchamp, chief market analyst at IG, said the rebound showed that markets still "remained sceptical" with lingering questions around the Strait of Hormuz and whether airstrikes on other targets will continue.
Trump's announcement on Monday came just two days after he said the US would attack Iran's power plants if it didn't reopen the Strait of Hormuz within 48 hours.
Iran had responded on Sunday, threatening to strike infrastructure belonging to the US and Israel across the Middle East.
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