Dow futures surge 1,100 points after Trump says US-Iran talks productive, halts planned strikes

US stock futures jumped sharply after President Donald Trump said the United States and Iran had held productive talks over the last two days and that he was halting any strikes on Iranian power plants and energy infrastructure.

Dow Jones Industrial Average futures surged 1,130 points, or 2.5%, in a sudden move following the comments. S&P 500 futures rose 2.3%, while Nasdaq-100 futures advanced 2.2%. The gains came immediately after Trump’s statement on the talks and the decision to pause planned strikes.

Crude prices tanked after Trump's post, with West Texas Intermediate futures falling more than 9% to below $90 a barrel. benchmark Brent fell more than 13% to below $97 a barrel.

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"I am pleased to report that the United States of America, and the country of Iran, have had, over the last two days, very good and productive conversations regarding a complete and total resolution of our hostilities in the Middle East," wrote Trump in a Truth Social post.

"Based on the tenor and tone of these in depth, detailed, and constructive conversations, which will continue throughout the week, I have instructed the Department of War to postpone any and all military strikes against Iranian power plants and energy infrastructure for a five day period, 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.

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The war, now in its fourth week, has already seen several dramatic turning points — the killing of Iran’s supreme leader, the bombing of a key Iranian gas field, and strikes targeting oil and gas facilities and other civilian infrastructure in Gulf Arab nations. The conflict has killed more than 2,000 people, shaken the global economy, sent oil prices surging, and endangered some of the world’s busiest air corridors.