Trump Calls Off ‘Massive Attack’ on Iran as Talks Resume: Dow Futures Gain 204 Points, Oil Plunges Nearly 5%

Dow futures rose 204.00 points, or 0.39%, to 52,839.00, while S&P 500 futures gained 32.00 points, or 0.43%, to 7,551.25. Nasdaq 100 futures advanced 181.50 points, or 0.64%, to 28,585.75 as of around 8:37 p.m. EDT.

In commodities, WTI crude oil plunged 4.96% to $80.47 per barrel, while Brent crude fell 4.80% to $83.71 per barrel. Natural gas futures rose 0.58% to $2.763 per MMBtu.

Meanwhile, the U.S. dollar index, which tracks the greenback against a basket of currencies, stood at 99.504, down 0.30% on the day.

Asian markets traded lower, with South Korea’s KOSPI falling 5.29% to 6,246.76 and Japan’s Nikkei 225 declining 1.85% to 63,171.03.

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Trump Says Iran Negotiations Will Resume Monday

Over the weekend, Trump said negotiations with Iran would begin Monday after he halted what he described as a "massive attack," CNN reported.

"They knew the extent of the attack because they saw it forming," Trump told reporters aboard Air Force One. "Now what we’re doing is we’re talking to them in the form of a negotiation. It begins tomorrow afternoon and we’ll see."

Trump said Saudi Arabia, the UAE, Qatar and Iran had urged him to cancel the planned operation because they believed a deal could be reached.

"There’s a deal on Hormuz and then there will be a deal on the nuclear," Trump said, adding that he viewed the goal as the "denuclearization of Iran."

Strait of Hormuz Remains a Major Uncertainty

Saudi Crown Prince Mohammed bin Salman reportedly urged Trump to de-escalate during a phone call.

Trump declined to say whether the planned attack would have targeted energy infrastructure but said Saturday that the U.S. remained "locked and loaded and ready to go."

Iran denied asking Trump to halt the attack. The semi-official Fars news agency wrote: "Trump the fool has run out of steam," the report added.

Meanwhile, Iranian Foreign Ministry spokesperson Esmaeil Baqaei said an agreement with Oman on a new shipping route does not mean the Strait of Hormuz will reopen.

"The understanding between Iran and Oman regarding a new route is unrelated to the reopening or continued closure of the Strait of Hormuz," Baqaei said, calling the arrangement "a necessary condition, but not a sufficient one."

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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