Trump Calls Off Iran Strikes, Sends Oil Prices Reeling
The Dow Jones industrial average rose on Monday after President Trump announced he was calling off planned strikes on Iran, citing progress in negotiations.
In a post on his Truth Social platform, Trump stated that the two sides had reached an agreement to reopen the Strait of Hormuz and for Iran to abandon its nuclear ambitions.
The announcement sent Brent crude oil prices plummeting by over 5%, with average gas prices across the US up by 47% since February 28.
The Dow Jones itself rose by 1.00% at the time of writing, led by gains in Big Tech stocks such as Microsoft and Alphabet.