Trump Delays Iran Strikes, Oil Falls, Stocks Surge

Oil prices tumbled and U.S. stock futures surged late Tuesday after President Donald Trump announced he would delay planned strikes on Iranian infrastructure for two weeks, contingent on Tehran allowing safe passage through the Strait of Hormuz. The move, posted on Truth Social just before an 8 p.m. Eastern Time deadline, came as Iran's national security council confirmed acceptance of a ceasefire if attacks on its territory ceased. Officials said peace talks between the U.S. and Iran would begin Friday in Islamabad, Pakistan.

The announcement followed days of escalating tension in a conflict that began February 28, when U.S. and Israeli forces launched strikes on Iran. Tehran responded by largely closing the Strait of Hormuz, a vital chokepoint through which about one-fifth of global oil and liquefied natural gas flows. The blockade has disrupted production and shipping in the Persian Gulf, driving up energy costs worldwide and contributing to supply chain strains.

Markets reacted swiftly to the de-escalation signal. Brent crude, the international benchmark, fell about 6 percent to around $103.40 per barrel, while U.S. West Texas Intermediate crude dropped roughly 18 percent to...