On the morning of Monday, March 23, President Trump pulled his first “TACO” of the Iran war. After four weeks of fighting, with oil prices already up 55%, Trump had given Iran an ultimatum on Friday: make a deal within 48 hours, or the U.S. would strike its power plants and energy infrastructure.
But on Monday morning, Trump reversed course. In an all-caps Truth Social post, he announced the U.S. and Iran had been having “very good and productive conversations” and that he would extend the deadline for a deal by five days.
Wall Street, for the first time since the war began, exhaled. Stocks rose. Brent crude plunged nearly 11%. Energy stocks — one of the few reliable winners of the conflict — sold off with oil.
The brokerage account in Trump’s name spent the day buying them.
A first look at a president’s trading
