Waning optimism over Trump's deal to end the Iran war tanks stocks and sends oil surging again
Jim WATSON / AFP via Getty Images
- US stocks plunged on Thursday while oil rose as investor optimism over an Iran peace deal waned.
- Investors weighed whether Trump could secure a swift end to the war in Iran.
- Trump has successfully eased worries before, but his latest comments haven't sparked a turnaround.
US stocks tumbled and oil prices spiked on Thursday despite Donald Trump's push to bring an end to the Iran war.
Trump reiterated that talks with Iran were ongoing and put pressure on leaders in Tehran to make a deal, but his remarks failed to spark a turnaround in the stock market, which was red for most of the session,
Here's where major indexes stood at the 4 p.m. ET closing bell:
S&P 500: 6,477.16, down 1.74%
Dow Jones Industrial Average: 45,960.11, down 1% (-469.38 points)
Nasdaq Composite: 21,408.081, down 2.38%
The president has talked his way into lower oil prices and higher stock averages a few times since the start of the war, but it seems Trump's words are having less of an effect the longer the war goes on.
Iran is "begging" to make a deal, Trump told reporters gathered at the White House for a cabinet meeting. Trump said that Iran has allowed eight oil tankers through the Strait of Hormuz as part of ongoing negotiations.
Despite the latest reassurances that a deal could be near oil prices continued to climb. Brent crude spiked 5% to $107.46 a barrel and US oil rose 4% to $94.13
There have been three market days since the US and Israel's initial February 28 strike on Iran, during which both oil and the S&P 500 rose, with posts from Trump or actions from his administration contributing to the market moves.
Most recently, US stocks ended Wednesday higher and oil prices fell as investors celebrated a US-crafted ceasefire proposal sent to Iran.
Iranian state media reported that the country rejected proposal and responded with a deal of their own demands, including reparations and recognizing Iran's sovereignty over the Strait of Hormuz.
The president kicked off this week with comments stating that the US had held "productive conversations" with Iran in a Truth Social post made a few hours before the US stock market opened.
@realDonaldTrump on Truth Social
The S&P 500 ended Monday's session more than 1% higher while saw dramatic declines of over 10%. Equity and oil market moves came despite Iranian officials saying that talks hadn't taken place like the president has said.
@realDonaldTrump Truth Social
The president said that the US had "completely decimated Iran" and urged international cooperation to secure the Strait of Hormuz in a Truth Social post on March 14, 2026.