&imwidth=800&imheight=600&format=webp&quality=medium "Oil prices, stocks stage dramatic reversal after Trump says Iran war ‘very complete’")
Global markets staged a dramatic turnaround on Monday (March 9) after comments from Donald Trump suggested the conflict with Iran may be nearing an end. Speaking to CBS News, Trump said the war was “very complete, pretty much,” sparking a sharp reversal in both oil prices and stock markets after a day of intense volatility. Earlier in the day, oil prices had surged amid fears that the conflict could disrupt supplies through the critical Strait of Hormuz, a key shipping route for global crude exports. US crude oil prices briefly jumped as much as 32% overnight to $119 per barrel before sharply reversing.
By the close of trading, US crude had dropped about 5% to around $86 per barrel. International benchmark Brent crude also pulled back more than 3.5%, falling below $89 per barrel. US stock markets also rebounded strongly. The S&P 500, which had earlier fallen as much as 1.5%, ended the session up 0.83%. The Nasdaq Composite reversed a 1.4% drop to close 1.38% higher. Meanwhile, the Dow Jones Industrial Average recovered from a drop of more than 880 points to finish the day up 239 points.
Despite Monday’s pullback, oil prices remain sharply higher. US crude has surged more than 50% since the beginning of the year and more than 30% in the past five days alone. Rising energy costs are also hitting consumers. According to fuel-tracking service GasBuddy, the average price of gasoline in the United States climbed to $3.49 per gallon Monday afternoon, up more than 50 cents since the conflict began.
How global markets reacted?
Global markets were hit earlier in the day before the rebound in the US. Japan’s Nikkei 225 suffered its worst decline since last year’s tariff-driven sell-off, plunging 5.2% and entering correction territory after falling more than 10% from its recent high. South Korea’s KOSPI dropped 6%, triggering a 20-minute trading halt during heavy selling.
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In Europe, the STOXX Europe 600 closed 0.6% lower as markets in Germany, France, Italy and Spain fell roughly 1%.
Bond markets also reversed course. The yield on the US 10‑Year Treasury slipped to 4.10%, while the U.S. 30‑Year Treasury yield fell to 4.71%. Energy markets showed similar volatility. Natural gas futures traded in New York dropped about 4%, while European contracts eased after an earlier surge and were trading about 5% higher.
Heating oil, often viewed as a proxy for jet fuel, fell more than 8% after earlier jumping as much as 23%. Finance ministers from major industrialized nations also held emergency talks Monday to discuss the possibility of releasing strategic oil reserves to calm markets. However, no coordinated release was announced for now.
Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.
