Fifteen minutes before the president’s unexpected announcement at 7:04 a.m. Monday, about 6,200 Brent and West Texas Intermediate Futures contracts changed hands, the Financial Times reported Tuesday. Trading volumes for the two benchmarks skyrocketed at the same time, and the S&P 500 share went up shortly after the trade.
After pledging Saturday to destroy Iran’s power stations and energy infrastructure unless Tehran reopened the Strait of Hormuz, the president swiftly changed course and announced Monday he would postpone all U.S. strikes on such infrastructure for five days, following “very good and productive conversations” between the two countries.
Tehran denied Trump’s claim, however, stating there had been “no direct contact with Trump,” since the U.S. began bombing Iran almost a month ago, raising serious concerns that the president is saying whatever he wants to prevent gas prices from going up amidst soaring costs nationwide.
The president’s seemingly fake talks with Iran and the newly revealed market chaos likely means his goal of reopening the Strait of Hormuz is—and always has been—out of reach.
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