Oil prices plunge and US stock futures jump after Trump holds off on Iran threats for 2 weeks
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Oil prices plummeted and US stock futures surged after President Donald Trump decided to hold off on his threat of attacking Iran for two weeks. The decision came after Iran proposed a peace plan, which Trump deemed 'workable', and agreed to allow ships to pass through the Strait of Hormuz.
Oil prices fell sharply after President Donald Trump delayed his threat of attacking Iran. US crude oil futures dropped 18% to $92.60, while Brent crude oil futures fell 6% to $103.40. The S&P 500 rose 2.4% as a result. Trump's decision came after Iran proposed a peace plan and agreed to open the Strait of Hormuz. The move eased concerns about a long-term disruption to oil production and transportation. The conflict has caused oil prices to spike, affecting the global economy.
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