Oil Price Drop Sends Wall Street Rallying Amid Easing Iran Tensions

Oil prices are falling on Monday after President Donald Trump said he decided to hold off on new strikes against Iran at the urging of allies in the region.

This easing of worries about a war with Iran has helped calm Wall Street's concerns that inflation could get worse, leading U.S. stock indexes to rally.

The S&P 500 rose 1.2% and the Dow Jones Industrial Average was up 569 points, or 1.1%, as of 11 a.m. Eastern time, while the Nasdaq composite was 1.8% higher.

Brent crude prices sank 4.9% to $83.59, down from a recent high of $102 last month due to concerns about when the war with Iran would allow oil tankers to freely exit the Persian Gulf again.