Trump Cancels Planned Attack on Iran, Futures Surge Amid Ongoing Tensions
U.S. stock futures surged on Sunday as President Donald Trump announced he had called off a planned attack on Iran and would resume negotiations with Tehran on Monday.
The Dow futures rose by 204 points, or 0.39%, to 52,839.00, while the S&P 500 futures gained 32 points, or 0.43%, to 7,551.25.
Crude oil prices plummeted nearly 5% due to the news, with WTI crude falling to $80.47 per barrel and Brent crude dropping to $83.71 per barrel.
The U.S. dollar index 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.
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.
'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.'