Oil prices eased on Monday as President Trump decided to hold off on new strikes against Iran.
Oil prices eased on Monday, helping to calm Wall Street's concerns regarding potential inflation. The S&P 500 rose 1.5% following a volatile July, while the Dow Jones Industrial Average gained 591 points and the Nasdaq composite rose 2.2%. These gains were driven by a 5% drop in Brent crude prices, which fell to $83.49. The decline followed a statement by President Trump that he would delay new strikes against Iran at the urging of regional allies. This decision helped ease concerns about the global flow of crude oil and caused Treasury yields to fall. While stock indexes rallied, some sectors remained unsettled. Chip stocks experienced significant swings as investors weighed the sustainability of artificial intelligence revenues. Meanwhile, manufacturing growth in thes U.S. did accelerate to its strongest level since 2022. Corporate earnings for the spring have shown strong growth, with many large companies like Tyson Foods reporting profits that exceeded analyst expectations.