Stocks stage massive upside reversal as oil plunges after Trump says Iran war could be over soon

Oil prices plunged on Monday afternoon and equities went back into the green after President Trump suggested to CBS News reporter Weijia Jiang in a phone interview that the war may be winding down.

“NEW—In a phone interview, President Trump told me the war could be over soon: ‘I think the war is very complete, pretty much. They have no navy, no communications, they’ve got no Air Force.’ He added that the U.S. is ‘very far’ ahead of his initial 4-5 week estimated time frame,” she posted on X.

The comments, posted to social media just after 3:15 p.m., triggered an immediate selloff in energy markets as traders rushed to reprice the conflict that had been baked into crude for a couple of weeks now.

West Texas Intermediate crude fell as much as 6%, dropping from above $100 per barrel to a session low near $83.89 before recovering slightly to around $85.44 by late afternoon. Brent crude fell 1.55% to $91.25.

The Dow Jones industrial average jumped 239 points to close up 0.50%, wiping out steep losses earlier in the session. The S&P 500 surged 0.83%, and the Nasdaq rallied 1.38%.

Later on Friday, Trump said also he plans to waive oil-related sanctions and claimed “...