Stocks surged and oil prices tumbled after President Donald Trump on Monday said the United States would postpone further strikes on Iran, pending the outcome of negotiations.

Dow futures roared higher, set to rise about 1,200 points, or 2.4%.

S&P 500 futures rose 2.3%, and Nasdaq futures gained 2.5%. The Nasdaq had closed on the verge of correction Friday – a decline of 10% from a recent peak.

Brent crude fell 10% to $101 a barrel. US crude fell 9% to $89 a barrel.

Trump, in a social media post, said the discussions would take place over the course of the week. But it’s unclear whether Iran would reopen the Strait of Hormuz, which has choked off 20% of the world’s oil supply.

Global oil prices have soared since the start of the war in Iran due to the lack of oil tankers able to exit the strait. Trump had threatened to “obliterate” Iran’s power plants unless it stopped the attacks on shipping and allowed the strait to open by today.

Americans have paid the price for the fighting in the form of higher gas prices. US gas prices rose for the 23rd straight day Monday, reaching $3.96 in the latest reading from AAA, the highest price since August of 2022.

The average price is now up $1.02, or 34%, in the last month. That’s a bigger one-month gain than in the wake of Hurricane Katrina in 2005 and also the Russian invasion of Ukraine in 2022. The latter spike eventually took prices to a record $5.02 a gallon.

While America, the world’s largest oil producer, gets relatively little crude from the Middle East, prices are set in a global commodity market. US gas prices are directly affected since gasoline is derived from crude.

Even if the was is essentially over and oil prices do start to fall, it could take some time for pump prices to start to decline as previous increases work their way through the system.

This is a developing story and will be updated.

For more CNN news and newsletters create an account at CNN.com