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Trump’s Market-Driven Reversal Buys Time, But Skepticism Abounds
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March 23, 2026
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6:21Now PlayingNelson Yu, Senior VP & Head of Equities at AllianceBernstein, discusses risk sentiment in the markets as Trump's Iran reversal spurs a rebound in the S&P 500 and US Treasuries.
Just before US markets opened on Monday, President Donald Trump backed down from his threat to destroy Iran’s power infrastructure if it didn’t reopen the Strait of Hormuz within 48 hours — pushed by the surge in energy prices and global market rout unleashed by the US-Israeli war on Tehran and hopes that fresh talks could yield a deal to end the conflict.
The president’s decision was aimed in part at calming markets, according to people familiar with the matter, and immediately spurred a sharp fall in Brent crude and a rebound in the S&P 500 and US Treasuries.
It came as US allies privately warned Trump that his war was quickly becoming a disaster, while Gulf countries urged him not to destroy Iranian infrastructure that will be crucial to keeping it from becoming a failed state after the conflict ends, according to people familiar with the matter.
“Trump needed some way to climb down from a threat that would surely have started a new round of escalation, this time crossing a new threshold by targeting civilian energy infrastructure, which would likely constitute a war crime,” said Dana Stroul, former Deputy Assistant Secretary of Defense for the Middle East. “It is surely no coincidence that the announcement of a five-day pause and talks came right before markets opened in the United States on Monday morning.”
Trump, speaking to reporters on Monday, said representatives from Iran reached out to start the talks because they were eager to make a deal. In conversations between an unnamed Iranian official, his son-in-law Jared Kushner and adviser Steve Witkoff on Sunday, Tehran agreed to turn over nuclear material in the country and not resume their nuclear program, he added, saying the negotiations were expected to continue by phone on Monday. Iran has denied any such talks.
“We’ll see how that goes, and if it goes well, we’re going to end up with settling this,” Trump said. “Otherwise, we’ll just keep bombing our little hearts out.”
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