President Donald Trump posted on Truth Social Saturday night that he would “hit and obliterate” Iran’s power plants if the Strait of Hormuz wasn’t reopened within 48 hours.
By Monday morning, he said the U.S. had held “very good and productive conversations” with Iran and postponed all strikes on energy infrastructure for five days.
Iran’s foreign ministry denied any dialogue had taken place, saying Trump’s announcement was designed to lower energy prices.
West Texas Intermediate futures cratered more than 10% to around $89 a barrel. The S&P 500 (NYSE:SPY) ripped nearly 2%.
Gold erased its entire 2026 gain, plunging over 6% to $4,285 in what may be the biggest weekly drop since 1983.
Someone Saw It Coming
Between the threat and the walkback, …
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