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Oil prices plunge and US stock futures jump after Trump holds off on Iran threats for 2 weeks

AP , Wednesday 8 Apr 2026

Oil prices plunged and U.S. stock futures jumped after President Donald Trump said he would hold off on his threat of devastating attacks on Iran for two weeks if the Iranians agree to allow ships to pass through the Strait of Hormuz.

New York Stock Exchange
Ed Curran works on the floor at the New York Stock Exchange in New York on Tuesday. AP

 

Related
Oil rises, stocks fall ahead of Trump's Iran deadline

Futures for US crude oil sank 18% to around $92.60 while Brent crude oil futures fell about 6% to $103.40.

Both prices remain well above where they were at the start of the war. Futures for the S&P 500 rose 2.4%.

Trump said Iran has proposed a “workable” 10-point peace plan that could help end war the US and Israel launched on Feb. 28.

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