Oil Falls and Shares Rebound After Trump Says Talks Have Been Held to End War

• Oil prices plunged, and stock markets rebounded after President Donald Trump said the United States (U.S.) would hold off on strikes against Iranian power plants, citing "constructive" discussions about ending the conflict in the Middle East. The president wrote on social media that the two countries had held talks about a "COMPLETE AND TOTAL" resolution, but Iran denied these talks had happened. The price of Brent crude sank, while European and U.S. shares rose following Trump's statement.
• Trump had previously said he would "obliterate" Iranian power plants if the Strait of Hormuz shipping route was not reopened in 48 hours. Iran had said it would respond by targeting key infrastructure in the region. The comments over the weekend had rattled financial markets, adding to fears that the U.S.-Israeli war with Iran would be a prolonged conflict.
• At one point on Monday, March 23, 2026, the price of Brent had hit $113 a barrel, but it tumbled in the immediate aftermath of Trump's latest comments. Oil prices fell to a low of $96 a barrel before rebounding to $103. While oil fell, stocks rose. London's FTSE 100 index ended the day flat after being down more than 2% earlier on Monday. Germany's Dax index also rebounded to close 1.2% higher while France's Cac ended up roughly 0.9%. In the U.S., both the S&P 500 index and the Dow Jones were up more than 1% at midday.
• Stocks in Asia, which closed before Trump's latest comments, had seen heavy falls with Japan's Nikkei index dropping 3.5% and South Korea's Kospi down 6.5%. Of note, Japan and South Korea have been particularly affected by the conflict, as they are heavily dependent on oil and gas that would normally pass through the Strait of Hormuz, which has been blocked since the start of the war

(Source: BBC)