Trump Announces Talks With Iran, Markets Soar

President Trump on Monday extended his deadline for Iran to reopen the Strait of Hormuz to international shipping, saying the US would hold off on strikes against Iranian power plants for five days, per the AP. Dow futures jumped 1,000 points, and crude prices fell 9% to below $90 on the news, reports CNBC. Trump made the announcement on Truth Social hours ahead of his self-imposed deadline later in the day. Writing in all-caps, he said the US and Iran have had "very good and productive conversations" that could yield "a complete and total resolution" in the war. Talks would continue "throughout the week," he said.

Trump added that the suspension of his threat to attack power plants was "subject to the success of the ongoing meetings and discussions." Trump did not elaborate on the negotiations that had taken place. Iran did not immediately acknowledge any talks between the countries, but Iranian Foreign Minister Abbas Araghchi did say he spoke by phone with his Turkish counterpart, Hakan Fidan. Turkey has been an intermediary before in negotiations between Tehran and Washington.