Oil tumbles and stock futures surge after Trump said Iran deal was near
Global markets reacted positively to President Trump's announcement of a potential deal with Iran, causing oil prices to drop and stock futures to rise. Meanwhile, the U.S. and Japan intervened in currency markets to stabilize the yen.
Why it matters
Geopolitical de-escalation in the Middle East is directly impacting global energy prices and currency stability.
U.S. markets were poised to open with gains and oil prices fell sharply Monday after President Donald Trump said he would order U.S. forces to refrain from attacks against Iran and that a deal to end the fighting was near.
Futures for the S&P rose 0.6%, while futures for the Dow Jones Industrial Average climbed 1.1%. Nasdaq futures were up 0.3% before the opening bell Monday.
In Asia, Japan’s Nikkei 225 index lost 0.9% and the U.S. dollar dipped against the yen after the U.S. and Japan confirmed they had acted to prop up the value of the Japanese yen against the dollar.
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