The Dow Jones Industrial Average surged roughly 900 points, nearing a two percent gain, while the S&P 500 and Nasdaq each climbed more than one percent. Smaller companies led the charge, with the Russell 2000 jumping close to three percent in a broad-based rally that lifted every major sector.
Oil prices plunged more than 10 percent in a dramatic reversal, with Brent crude falling below the critical $100 mark and West Texas Intermediate following closely behind. The sudden drop comes after weeks of fears that rising energy costs could hammer consumers and drag down economic growth.
In a series of comments that lit up both financial markets and political circles, the president revealed that the United States has engaged in what he called “VERY GOOD AND PRODUCTIVE CONVERSATIONS” with Iran, signaling a potential thaw in one of the world’s most volatile relationships.
Speaking to CNBC, Trump doubled down, saying the administration is “very intent on making a deal with Iran.” He later told reporters that talks had already taken place Sunday evening between U.S. officials — including Jared Kushner and special envoy Steve Witkoff — and what he described as “a top person” inside Iran.
PRESIDENT TRUMP: Iran is going to make a deal. The new leadership gave us a significant present that showed me that we’re dealing with the right people. pic.twitter.com/abJ0TbdQpq
— Department of State (@StateDept) March 24, 2026
According to Trump, more discussions could happen as soon as today, possibly by phone, with an in-person meeting expected in the near future.
Markets didn’t wait for confirmation.
Investors immediately reacted to the possibility of reduced tensions in the Middle East — particularly in the Strait of Hormuz, a critical chokepoint for global oil shipments. Trump even floated the idea of joint U.S.-Iran control of the strategic waterway, a proposal that would have seemed unthinkable just months ago.
That prospect alone was enough to send energy prices tumbling and ignite a rally in beaten-down sectors like consumer discretionary, which has been under pressure amid concerns that high gas prices would choke off spending.
But not everyone is on board with Trump’s version of events.
Iranian state media quickly pushed back, flatly denying that any talks had taken place and dismissing the claims as “psychological warfare.” The conflicting narratives add a layer of uncertainty to what markets are already treating as a breakthrough moment.
