[US Stock Market Close] Trump: The war is almost over, oil prices plummeted immediately, Dow Jones surged 239 points (updating continuously)

President Trump of the United States stated in an interview with foreign media that the war is almost over. The conflict has been very comprehensive; Iran has no navy, no communications, and no air force. Their missiles are now just a few scattered remnants. Their drones have been destroyed everywhere, including their drone manufacturing plants.

Following the interview, oil prices plummeted, and U.S. stocks turned higher. Brent crude fell 1.5% to $91.20, and New York crude dropped 3.4% to $88.

The Dow initially fell 886 points to 46,615, the S&P 500 dropped 1.5% to 6,636, and the Nasdaq also fell 1.5% to 22,061.

By the close, the Dow recovered 239 points to 47,740, the S&P 500 rose 0.8% to 6,795, and the Nasdaq increased 1.4% to 22,695.

Brent crude surged nearly 30% intraday, approaching $120 per barrel at one point. As a result, G7 finance ministers held an emergency meeting to discuss a coordinated release of strategic oil reserves through the International Energy Agency (IEA) to address the spike in oil prices following the Gulf conflict.

French Finance Minister Roland Lescure stated that the G7 has not yet decided on releasing emergency oil reserves following the US-Israel war.

After participating in a virtual G7 finance ministers’ meeting in Brussels, Lescure told reporters, “Our consensus is that, if necessary, we will use all means to stabilize the market, including the possible release of reserves.” He added that governments are closely monitoring the situation, and currently, there are no supply issues in Europe or the US.

Japanese Finance Minister Shunichi Katayama said, “The IEA has called on countries to coordinate the release of oil reserves. Given the current situation, the G7 has agreed to continue closely monitoring energy markets and take necessary measures to support global energy supply, including releasing oil reserves.” He also mentioned that the Organization for Economic Co-operation and Development (OECD), the World Bank, and the International Monetary Fund (IMF) officials participated in the discussions. The G7 will soon hold a meeting of energy ministers to discuss further actions.

As of 2022, IEA member countries’ emergency oil reserves under government control are estimated to exceed 1.2 billion barrels, mostly crude oil. According to IEA regulations, all member countries must maintain emergency reserves equivalent to at least 90 days of net imports. These government-controlled stocks must ensure that the country can sustain at least three months under normal consumption.

Market stabilized, with the US dollar index down 0.1% at 98.877, and the US 10-year Treasury yield fell to 4.107%.

Gold prices narrowed their decline to 0.6%, at $5,138, while silver rose 2.5% to $86.63.

The US military continues to demonstrate its strength. According to BBC reports, US B-52 and B-1 heavy bombers are gathered at Royal Air Force Fairford Base in the UK. Three B-52 bombers landed in one day, marking the first appearance of B-52s in the UK since the conflict erupted.

The B-52 heavy bomber is a typical “forward-deployed” asset for the US, signaling that large-scale air campaigns are imminent or that the current conflict may escalate sharply. As a heavily armed “old yellow cow,” once enemy air defenses are weakened, B-52s can deliver large quantities of conventional ground-attack munitions, conducting sustained destructive strikes on infrastructure, industrial targets, or large ground forces.

Additionally, US stock markets have entered daylight saving time, opening one hour earlier at 9:30 PM Hong Kong time.

Swiss bank UBS pointed out that the oil market has entered a panic state, with prices soaring into triple digits and experiencing volatile swings. This seems mainly driven by market sentiment, as the conflict itself has not seen any substantial major changes. So far, supply disruptions are mainly due to ships avoiding the Strait of Hormuz out of caution, causing trade blockages rather than military blockades. However, it is expected that in the coming week and beyond, Middle Eastern oil supplies could face up to 75% shutdown.

The bank said it will continue to closely monitor the situation. Currently, there is no substantial damage to energy infrastructure, and Iran’s military strength appears to be weakening. Solutions that ensure shipping through the Strait of Hormuz remain feasible. Amid the fog of war, they reaffirm a neutral stance on oil and natural gas, maintaining the basic expectation that energy prices will peak at or slightly above current levels.