Dow Jones Today | US Stock Market Highlights: US stocks on Monday (March 23) rallied after President Donald Trump said the United States and Iran had held talks and that he was halting strikes on Iranian power plants and energy infrastructure.
Brent and West Texas Intermediate both tumbled more than 14% before clawing back some losses, with the global benchmark closing below $100 for the first time in almost two weeks
The US president later said that US envoys Steve Witkoff and Jared Kushner are negotiating with a top Iranian official, while suggesting that the US and Iran could jointly control the Strait of Hormuz, the vital chokepoint through which nearly a fifth of global oil and gas flows.
Iran repeatedly denied the idea that peace talks were underway, limiting the sell-off. Details on the status of any potential peace negotiations remain unclear, though further clarity could bolster trader convictions that talks will materialise and continue to erode the geopolitical premium in oil.
“I just want to have as much oil in the system as possible,” Trump told reporters, adding that prices will “drop like a rock” once a deal is achieved. Secretary of Energy Chris Wright echoed that sentiment, saying that oil prices would go down if the conflict were to end in five days.
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