US stock futures, oil and cryptocurrencies swung violently on Monday as a Truth Social post from President Donald Trump claiming “productive” talks with Iran triggered a massive rally.
Less than thirty minutes later, Iranian media denied any contact with Washington, fading the rally.
Trump wrote on Truth Social early Monday that both countries held “very good and productive conversations” over the last fourty eight hours.
Minutes after the post, Trump doubled down on the productive talks, speaking to CNBC.
“I AM PLEASED TO REPORT THAT THE UNITED STATES OF AMERICA, AND THE COUNTRY OF IRAN, HAVE HAD, OVER THE LAST TWO DAYS, VERY GOOD AND PRODUCTIVE CONVERSATIONS REGARDING A COMPLETE AND TOTAL RESOLUTION OF OUR HOSTILITIES IN THE MIDDLE EAST,” the president wrote.
Despite the reaction from Iranian media, no official denial has been communicated by the country as of publication time.
“BASED ON THE TENOR AND TONE OF THESE IN DEPTH, DETAILED, AND CONSTRUCTIVE CONVERSATIONS, WHICH WILL CONTINUE THROUGHOUT THE WEEK,” Trump added in the post before announcing the postponement.
“I HAVE INSTRUCTED THE DEPARTMENT OF WAR TO POSTPONE ANY AND ALL MILITARY STRIKES AGAINST IRANIAN POWER PLANTS AND ENERGY INFRASTRUCTURE FOR A FIVE DAY PERIOD, SUBJECT TO THE SUCCESS OF THE ONGOING MEETINGS AND DISCUSSIONS,” he added.
The post came hours before the expiration of a 48-hour ultimatum Trump issued Saturday evening, in which he threatened to “obliterate” Iran’s power plants if Tehran did not fully reopen the Strait of Hormuz.
Markets Erupt
Futures reversed immediately.
Dow Jones Industrial Average futures jumped 1,100 points, or 2.6%. S&P 500 futures rose 2.7% and Nasdaq-100 futures gained 2.7%, having been down more than 1% earlier in the session.
Brent crude futures fell roughly $17, or 15%, to a session low of $96 per barrel by 11:08 GMT. US West Texas Intermediate dropped $13, or about 13.5%, to $85.28. Both benchmarks had been above $100 earlier on Monday. Brent closed Friday at $112.19, its highest settlement since July 2022.
Tesla shares swung from a 3% pre-market decline at $356 to a 1.3% gain at $372.
The company announced over the weekend Terafab bringing together Tesla, SpaceX and xAI as CEO Elon Musk continues shifting the focus from electric vehicles to AI, humanoid roboots, multi planetary life and “sustainable abundance.”
Bitcoin jumped nearly $3,000 to $71,335, reversing two days of losses — immediately after Trump’s post.
Tehran Responds
Then Iran spoke — and contradicted everything Trump had described.
Iran’s Foreign Ministry said there were no talks with Washington, directly or through intermediaries, and accused the US president of buying time while regional de-escalation efforts continue.
Iran’s semi-official Fars news agency, citing a source, said Trump “retreated” after hearing that Iran would target all power plants in West Asia.
Fars said there was “no direct communication with U.S. nor through intermediaries” and “no direct, indirect contact with Trump.” Tasnim news agency ran the headline “Trump Backs Down!” IRIB state television displayed a graphic reading “Trump, fearing Iran’s response, backed down from his 48-hour ultimatum.”
The Iranian embassy in Kabul said Trump refrained from attacking after “Iran’s stern warning.”
Where Trump described a two-day diplomatic breakthrough, Tehran described a unilateral American retreat forced by the threat of regional escalation.
What’s at Stake
The volatility hit markets already battered by four consecutive losing weeks. The S&P 500 fell 1.5% on Friday to its lowest close of 2026, down roughly 5% from its January high.
The Dow dropped 444 points Friday and the Nasdaq Composite fell 2%.
Iran has effectively blocked the Strait of Hormuz — through which roughly 20% of the world’s oil and liquefied natural gas passes — since the US and Israel launched strikes on the country on February 28.
Brent crude has surged more than 60% from around $70 per barrel before the war to as high as $119.50.
The Strait of Hormuz remains closed and no agreement on reopening it has been announced.
