(NEW YORK) — The Dow Jones Industrial Average soared more than 950 points on Tuesday after President Donald Trump appeared to suggest the U.S. may end the Iran war without reopening the Strait of Hormuz.
In a post on social media, Trump indicated that the task of reopening the strait may fall to other countries, urging them to “go to the Strait, and just TAKE IT.”
The Dow jumped 970 points, or 2.1%, by early afternoon, while the S&P 500 climbed 2.4%. The tech-heavy Nasdaq increased 3.4%.
Since the U.S.-Israeli war with Iran began on Feb. 28, Trump has voiced mixed messages about the expected duration of the war. On several occasions, markets have climbed after traders interpreted comments from Trump as a potential off-ramp from the Middle East conflict.
The war prompted Iranian closure of the strait, a maritime trading route that facilitates the transport of about one-fifth of the global oil supply. A potential U.S. exit from the war without ensuring that the strait is open could leave uncertain the path to a resumption of normal tanker traffic and a resulting remedy for the current global oil shortage.
Global oil prices surged more than 5% on Tuesday, exceeding $118 a barrel, just shy of its highest price since 2022.
Gas prices in the United States topped $4 per gallon on average Tuesday, underscoring the link between rising oil prices and strained consumers.
This is a developing story. Please check back for updates.
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