Shares of energy companies slid after President Trump called off planned strikes on Iran, an indication that a long-awaited peace deal may be at hand.

Shares of energy companies fell alongside oil futures amid anticipation of a nuclear deal between the U.S. and Iran.

“The market has taken the view that Trump doesn’t want to escalate further and has no interest in seeing oil prices surge again.”

President Donald Trump announced on Thursday that he has called off impending strikes on Iran due to the state of negotiations.

By Myra P. Saefong and Victor Reklaitis