U.S. stocks jumped Monday after President Donald Trump announced a five-day postponement of military strikes on Iranian power plants, signaling a potential diplomatic opening.

Iranian media framed the pause as a U.S. “backdown,” while Trump said Iran had contacted the U.S. to discuss a resolution.

The news triggered sharp market reactions: the S&P 500 and Nasdaq futures initially rose about 3%, the Dow gained roughly 1,100 points, and the Russell 2000 climbed 3.2%.

Oil prices plunged around 13%, with U.S. crude falling to $85 per barrel and Brent to $97, though prices remain elevated since the Feb. 28 conflict onset, NBC News has reported.

Other markets also moved sharply—U.S. and European natural gas fell, heating oil dropped 12%, and Treasury yields fell after recent inflation-driven spikes—highlighting high volatility amid uncertainty over the Gulf crisis.