Trump's Iran Halt Boosts Markets, Slumps Oil Prices

US markets opened with gains on Monday following President Donald Trump's announcement that he would order US forces to ease up on Iran attacks. Futures for the S&P rose 0.6%, while futures for the Dow Jones Industrial Average climbed 1.1%. Nasdaq futures were up 0.3% before the opening bell.

The retreat in oil prices, which fell by $4.27 or 4.9% to $83.66 per barrel, was attributed to the on-and-off fighting and comments from Trump about the conflict's direction. Brent crude, the international standard, lost value, as did US benchmark crude, which dropped $4.86 or 5.8% to $79.81 per barrel.

The announcement also led to a weakening of the US dollar against the yen, with the dollar falling from its recent high near 164 yen to 156.79 yen by late Monday. The US Treasury bought yen through the Federal Reserve Bank of New York to help boost its value, indicating that Washington is prepared to work alongside Tokyo in boosting the yen's value.