Global markets reacted quickly on Tuesday night (7) after United States President Donald Trump said he would suspend attacks against Iran for two weeks, a decision conditioned on the reopening of the Strait of Hormuz — a crucial route for global oil trade.
Dow Jones futures rose 904 points, up 1.94%. S&P 500 futures advanced 2.18%, while Nasdaq 100 futures gained 2.74%.
In the extended market, oil also retreated. WTI contracts fell around 14% to the $96 per barrel range. Brent lost 14%, to US$93.
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In regular trading, the day had already been one of volatility: the S&P 500 closed slightly up 0.08%, the Nasdaq gained 0.10% and the Dow Jones fell 0.18%, still reflecting the fear of a broader military escalation in the region.
The mood began to change in the last hour of trading, after Pakistani Prime Minister Shehbaz Sharif publicly asked Trump to extend the deadline for the offensive by two weeks and for Tehran to reopen the strait “as a gesture of goodwill”. The White House said the president had been informed of the proposal and that a response would be released.
Earlier, in a post on the Truth Social network, Trump had reinforced threats to attack Iran’s power plants and bridges, even talking about “annihilating an entire civilization”, but at the same time left open the possibility of a negotiated outcome.
