Stocks Rally to Records as Oil Falls on Iran Framework

U.S. stocks climbed to fresh intraday records and crude oil prices fell after President Donald Trump wrote on Truth Social that he was heading into the Situation Room to make a “final determination” on a framework intended to end the Iran conflict and address security and energy concerns.

The S&P 500 and Nasdaq Composite each rose about 0.3%, while the Dow Jones Industrial Average gained 353 points, or 0.7%. All three major indexes touched intraday highs as technology shares led gains.

U.S. West Texas Intermediate futures fell roughly 2% to about $86 per barrel, and Brent crude declined about 2% to near $91 per barrel. The declines came despite reports that Iranian armed forces launched missiles late Thursday.

In his post, Trump outlined conditions for Iran, including permanently forgoing any nuclear weapons capability and ensuring the Strait of Hormuz remains open to unrestricted shipping. He wrote the U.S. naval blockade imposed during the conflict would be lifted and described a plan for enriched nuclear material buried at Iranian sites to be recovered and destroyed in coordination with Iran and the International Atomic Energy Agency. He added that “no money would be exchanged under the arrangement” and indicated other provisions had been agreed.

Market participants are waiting for details from the Situation Room meetings and for any formal diplomatic or verification steps involving Iran and the IAEA. Oil markets continue to focus on the Strait of Hormuz because a large share of global oil shipments passes through the waterway.