US-Iran Pause Sends Global Markets into Turmoil
Global markets experienced a significant shift on Monday as the United States and Iran paused their strikes. The U.S. West Texas Intermediate crude futures expiring in September plummeted by 6.06% to hover around $83.92 a barrel, while Brent crude futures expiring in September fell 5.24% to around $86.88 a barrel.
U.S. Ambassador to the United Nations Mike Waltz stated that President Donald Trump is giving talks some space and acknowledged that Iran's negotiators appear divided, with some seeking guidance from Supreme Leader Ayatollah Mojtaba Khamenei while others favor a different path.
The Dow Jones Industrial Average (DJIA) soared more than 660 points to rise to 52,608 before paring some of the gains. The S&P 500 index gained about 0.8%, while the Nasdaq Composite rose about 0.7%.