RE: Oil down23 Mar 2026 12:30
FTSE turns higher as Trump hints at 'resolution' to Iran conflict
Mon 23 Mar 2026
(Sharecast News) - London stocks had turned higher by midday on Monday, reversing earlier heavy losses, while oil prices slumped, as US President Donald Trump suggested a resolution to the conflict with Iran could be on the cards, just two days after threatening the company's energy infrastructure.
The FTSE 100 was 0.4% firmer at 9,959.58, having entered correction territory earlier in the session as it fell more than 10% from the record high on 27 February, a day before the conflict began. A correction is defined as a drop of between 10% and 20% from a recent peak.
Brent crude was down 8.5% at $102.61 a barrel and West Texas Intermediate was 8.3% lower at $90.11. Meanwhile, gold futures on Comex were down 3.3% at $4,426.90 an ounce, while silver was off 1.2% at $68.5, with both precious metals well off earlier lows.
There were also big moves in UK bond markets, as the 10-year gilt yield fell 30 basis points in a matter of seconds.
The upturn in markets came after Trump said the US was postponing "any and all" military strikes against Iranian energy infrastructure following "very good and productive conversations" about a resolution to the hostilities in the Middle East.
Writing on Truth Social, Trump said: "I am pleased to report that the United States of America, and the country of Iran, have had, over the last two days, very good and productive conversations regarding a complete and total resolution of our hostilities in the Middle East.
"Based on the tenor and tone of these in depth, detailed and constructive conversations, which will continue throughout the week, I have instructed the department of war to postpone any and all military strikes against Iranian power plants and energy infrastructure for a five day period, subject to the success of the ongoing meetings and discussions."
Once again, Trump's mixed messages were causing wild swings in markets. Stocks had kicked off the session sharply lower, with oil up, as investors reacted to developments over the weekend.
Iran threatened on Sunday to "irreversibly destroy" energy infrastructure across the Middle East after Donald Trump said the US would "obliterate" the country's power plants if it did not reopen the Strait of Hormuz within 48 hours.
In a Truth Social post late on Saturday night, Trump said the US would destroy Iran's "various POWER PLANTS, STARTING WITH THE BIGGEST ONE FIRST!". The US president's threat came just a day after he said he was considering "winding down" the war.
Iran's Revolutionary Guards threatened to completely close the Strait of Hormuz if Trump follows through on his threat.
The Iranian president's speak, Mohammad Bagher Ghalibaf, said on Sunday: "Immediately after power plants and infrastructure in our country are targeted, vital infrastructure as well as energy and oil infrastructure across the entire region will be considered legitimate targ
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