Global markets saw dramatic swings over the past 24 hours as oil prices surged and then sharply reversed, while cryptocurrencies and stocks moved higher after Donald Trump signaled that the conflict with Iran might end sooner than expected.
Crude oil had earlier spiked on geopolitical concerns, with West Texas Intermediate crude oil jumping to nearly $120 per barrel overnight. The surge was short-lived, however, as prices later plunged back to just above $80.
Market volatility intensified after Trump said military operations against Iran were progressing “very far ahead” of the initial four-to-five-week timeline. He added that he would provide further updates later in the day.
Risk assets had already begun recovering after a steep sell-off late Sunday, when oil prices briefly surged nearly 30%. Following Trump’s remarks, both cryptocurrency and equity markets extended their gains.
Heading into the close of U.S. trading, the Nasdaq Composite was up around 1.25%, while the S&P 500 gained about 0.8%.
In the digital asset market, Bitcoin traded just above $69,000, marking a roughly 2.4% increase over the previous 24 hours.
Oil prices continued to decline as the session progressed. After surging to $120 per barrel Sunday evening, West Texas Intermediate crude oil dropped to roughly $85, leaving it down about 6% on the day.
Crypto-linked equities also moved higher. Shares of Circle Internet Group rose about 10%, while MicroStrategy gained roughly 5%. Meanwhile, Coinbase advanced around 2%, adding to the broader rally across digital-asset-related stocks.
