Markets experienced sharp swings over the past 24 hours as oil prices surged and then quickly reversed, while cryptocurrencies and equities rallied after Donald Trump indicated the conflict with Iran could end sooner than expected.
Crude oil had staged a dramatic overnight rally amid fears of escalating tensions in the Middle East. West Texas Intermediate crude oil briefly climbed to about $120 per barrel before reversing sharply and falling back to just above $80.
Market volatility intensified after Trump said military operations against Iran were progressing “very far ahead” of the previously anticipated four-to-five-week timeline. He added that additional updates on the situation would be provided later in the day.
Risk assets had already begun recovering from a steep sell-off late Sunday, when oil prices spiked nearly 30%. Following Trump’s remarks, both crypto and equity markets extended their rebound.
By the end of the U.S. trading session, the Nasdaq Composite was up about 1.25%, while the S&P 500 gained roughly 0.8%.
In the cryptocurrency market, Bitcoin traded slightly above $69,000, representing a roughly 2.4% increase over the previous 24 hours.
Meanwhile, oil prices continued to slide as geopolitical concerns eased. After peaking near $120 on Sunday evening, West Texas Intermediate crude oil dropped to around $85 per barrel, leaving it about 6% lower for the day.
Crypto-related stocks also moved higher. Shares of Circle Internet Group rose roughly 10%, while MicroStrategy advanced about 5%. Coinbase also gained around 2%, reflecting the broader rebound in digital asset markets.
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