Wall Street shot higher and global oil futures fell on Monday after US President Donald Trump said he would order the military to hold off on strikes against Iranian power plants and other energy infrastructure for five days.
Trump's post on social media about the strikes came as the war with Iran enters its fourth week.
Futures for the S&P 500 and Dow Jones Industrial Average soared by 2.6% before the opening bell.
Oil prices also immediately reversed course, sinking as much as 10%. Benchmark US crude slid $8.23 to $90 per barrel. Brent crude, the international standard, tumbled $9.02 to $103.17 per barrel.
Earlier, global shares dipped on Monday across the board.
France’s CAC 40 lost 1.5% in early trading to 7,548.83, while Germany’s DAX dove 2.0% to 21,944.26. Britain’s FTSE 100 fell 1.7% to 9,754.80.
In Asia, Japan’s benchmark Nikkei 225 dropped 3.5% to finish at 51,515.49. In Taiwan, the Taiex shed 2.5% to 32,722.50. Australia’s S&P/ASX 200 fell 0.7% to 8,365.90. South Korea’s Kospi dove 6.5% to 5,405.75. Hong Kong’s Hang Seng slipped 3.5% to 24,382.47, while the Shanghai Composite declined 3.6% to 3,813.28.
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