Oil prices fell sharply on Monday while European stock markets rebounded after United States President Donald Trump suddenly ordered a halt to planned strikes on Iranian energy infrastructure. His comments on Truth Social marked a sharp shift from his earlier threats over the weekend.
Brent crude futures at one point dropped more than 14 percent before trimming losses to trade down about nine percent. West Texas Intermediate crude also slid, and European gas prices fell by around four percent as traders reacted to the pause in military action.
Analysts said markets now need more clarity because Iran has publicly denied that any talks with the United States have taken place. That denial partly cooled the initial relief rally and reminded investors that tensions in the Middle East remain high.
European stocks had opened the week with heavy losses but turned positive after Trump’s announcement. Key indices including London’s FTSE 100, Paris’s CAC 40 and Frankfurt’s DAX all rebounded, although some of the gains faded after Iranian media rejected the claim of negotiations.
Market strategists described the trading environment as extremely volatile, noting that investors are struggling to keep up as Trump moves between threats of escalation and messages of de escalation. For the moment, however, markets are relieved that a new phase of direct attacks on Iranian energy assets has been put on hold.
The International Energy Agency warned earlier that the world is facing its worst energy crisis in decades. The Strait of Hormuz, through which about one fifth of global oil and gas shipments pass, remains at the centre of concern after Trump gave Iran a 48 hour ultimatum to reopen the waterway or face severe action, and Tehran threatened a complete closure if he follows through.
Economists fear that persistent supply disruptions could keep energy prices well above pre war levels and fuel a new round of global inflation. That could force central banks to raise interest rates again, worsening the cost of living for households and businesses.
The uncertainty has also hit other assets. Gold, which does not pay interest, came under pressure as rising government bond yields made interest bearing securities more attractive, though the precious metal later recovered some losses after Trump’s latest comments. Government bond yields, which had been climbing, eased slightly as investors reassessed the risk outlook.
In currency markets, the dollar lost ground against the euro, the British pound and the yen after earlier gains, reflecting the rapid shift in sentiment. Traders say further moves will depend on whether the pause in strikes leads to genuine de escalation or gives way to renewed confrontation.
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