September S&P 500 E-Mini futures (ESU26) are up +0.57%, and September Nasdaq 100 E-Mini futures (NQU26) are up +0.47% this morning, pointing to a higher open on Wall Street as oil prices sank after U.S. President Donald Trump revived hopes for a deal to ease tensions in the Middle East.
The price of WTI crude slumped more than -6% on Monday after U.S. President Donald Trump abandoned plans to strike Iran and said new U.S.-Iran talks would begin. President Trump late Saturday called off a strike on Iran, saying on social media that Iran and other Middle Eastern countries had asked the U.S. not to attack and that the “perimeters of a deal has been agreed to.” He added that the deal would include reopening the Strait of Hormuz to commercial shipping. Mr. Trump told reporters on Sunday that the U.S. would begin talks with Iran on Monday afternoon. “It would have been the biggest attack since World War II,” Trump said, adding that they would see whether the deal could be reached and that he was not seeking to kill people. Meanwhile, Iranian Foreign Minister Abbas Araghchi said talks with Oman on a mechanism for ships to pass through the Strait of Hormuz were “nearing completion and in their final stages.”
