Wall Street rose and oil prices fell after US President Donald Trump cancelled planned strikes on Iran and raised hopes of a peace deal.
A trio of traders work on the floor of the New York Stock Exchange, Wednesday, Jun 3, 2026. (Photo: AP/Richard Drew)
12 Jun 2026 05:37AM
(Updated: 12 Jun 2026 05:55AM)
NEW YORK: Wall Street stocks rallied and oil prices tumbled Thursday (Jun 11) after US President Donald Trump pulled back from renewed US strikes on Iran while European equities edged higher after the ECB raised interest rates.Trump jolted markets near 1730 GMT announcing he was calling off new attacks on Iran, while flagging a possible peace deal that he later claimed had been reached, calling the accord a "great settlement."Those statements were enough to push oil prices more than two percent lower while major US indices rallied, with the broad-based S&P 500 ending up 1.8 per cent.Art Hogan of B. Riley Wealth Management welcomed the "better tone" from Trump, who had earlier in the day threatened to seize Iran's oil infrastructure following the latest military strikes between the countries.But Hogan noted that Trump has repeatedly signalled an Iran deal as imminent in recent weeks without leading to anything concrete."The market would be up a lot more if it was verifiable," Hogan said.Iran's Fars news agency, citing an unnamed source, said that Tehran has not yet approved a text for any deal with the United States. "It's a funny situation where there's some real scepticism that there's a deal, even though the announcement's coming from the president of the United States himself," said Adam Button, a foreign exchange analyst at Investing Live. "The market's waiting for some confirmation from Iran or someone else," Button said.
