Markets swung sharply over the past day as oil prices surged and then reversed, while cryptocurrencies and equities moved higher after Donald Trump suggested the conflict with Iran could end sooner than anticipated.
Oil had initially jumped on geopolitical fears, with West Texas Intermediate crude oil climbing to about $120 per barrel overnight. The rally proved short-lived, however, as prices later tumbled back to just above $80.
The market moves intensified after Trump said military operations against Iran were progressing “very far ahead” of the originally expected four-to-five-week timeline. He added that he would provide further updates later in the evening.
Risk assets had already begun rebounding after a steep sell-off late Sunday, when oil briefly surged nearly 30%. Following Trump’s comments, both cryptocurrency and equity markets extended their recovery.
As trading approached the close, the Nasdaq Composite was up about 1.25%, while the S&P 500 had gained roughly 0.8%.
In digital assets, Bitcoin traded just above $69,000, marking an increase of about 2.4% over the previous 24 hours.
Meanwhile, oil prices continued to retreat. After peaking near $120 per barrel Sunday evening, West Texas Intermediate crude oil fell to around $85, leaving it down roughly 6% on the day.
Crypto-related stocks also climbed alongside the broader market. Shares of Circle Internet Group jumped about 10%, while MicroStrategy gained roughly 5%. Coinbase was also higher, rising about 2% during the session.
