Dow Soars Over 300 Points – Trump Reportedly Says US-Iran Talks Could Take Place Over Next 2 Days

• Trump initially stated that while discussions were happening between the two countries, they were a little slow.
• The U.S. President reiterated he does not want Iran to obtain nuclear weapons, following reports that the United States urged Tehran to pause uranium enrichment for 20 years during failed weekend talks.
• Trump also called on the U.K. to open up the Northern Sea for oil drilling, adding that it is “absolutely crazy” that the country won’t do it.

U.S. equities soared in Tuesday morning’s trade after President Donald Trump reportedly said that the next round of talks between the U.S. and Iran could take place over the next two days.

The Dow Jones Industrial Average (DJIA) soared more than 330 points, while the S&P 500 index and the Nasdaq Composite surged about 1% and 1.6%, respectively.

According to a report by The New York Post, President Trump initially stated that while discussions were happening between the two countries, they were a little slow.

“You should stay there, really, because something could be happening over the next two days, and we’re more inclined to go there,” he added later, according to the report.

He also stated that he does not want Iran to have nuclear weapons, after reports stated that the U.S. had asked Iran to suspend its uranium enrichment program for 20 years during the unsuccessful talks over the last weekend.

Iran-Linked Ships Cross Strait Since US Blockade, Says Report

According to a CNN report citing data from Kpler, multiple Iran-linked ships have crossed the Strait of Hormuz since the U.S. blockade began on Monday.

The report stated that at least nine vessels, including three sanctioned ones, have crossed the critical waterway in the last 24 hours. However, the U.S. blockade has reduced the flow of vessels by 90%, it stated.

The report noted that these vessels include an oil tanker owned by a Chinese company.

Trump Tells UK To ‘Drill, Baby, Drill’

President Trump called on the U.K. to open up the Northern Sea for oil drilling, adding that it is “absolutely crazy” that the country won’t do it.

“Norway sells its North Sea Oil to the U.K. at double the price. They are making a fortune. U.K., which is better situated on the North Sea for purposes of energy than Norway, should, DRILL, BABY, DRILL!!!” he said in a post on Truth Social.

Meanwhile, crude oil prices cooled on Tuesday, with U.S. West Texas Intermediate (WTI) crude futures maturing in May tumbling about 7% to $92 per barrel. Brent crude futures maturing in June fell more than 4%, hovering at $95 per barrel.

The United States Oil Fund ETF (USO) declined about 4%, while the ProShares Ultra Bloomberg Crude Oil ETF (UCO) was down more than 3% at the time of writing.

However, since the beginning of the Iran war in February this year, WTI and Brent crude futures have risen by nearly 37% and 31%, respectively.

At the time of writing, the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, gained 1.08%; the Invesco QQQ Trust ETF (QQQ) surged 1.48%; and the SPDR Dow Jones Industrial Average ETF Trust (DIA) rose 0.6%. Retail sentiment on Stocktwits regarding the S&P 500 ETF was in the ‘bearish’ territory.

Also See: Citadel’s Ken Griffin Warns Of Global Recession If Strait Of Hormuz Stays Closed: Report

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