U.S. stock futures jumped Monday evening while oil prices reversed earlier gains following a report from the Wall Street Journal that President Donald Trump has told aides he is considering ending the war with Iran, even without a deal to reopen the Strait of Hormuz.

S&P 500 futures ES00 were up 1% in recent trade at 6,450, while futures tied to the Nasdaq-100 NQ00 and Dow Jones Industrial Average YM00 were sitting on gains of a similar magnitude.

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Meanwhile, crude-oil prices trimmed earlier gains, with Brent and West Texas Intermediate crude CLK26 futures lower on the session. The most-active Brent contract BRNM26 was off 1.5% at $105.66 a barrel, according to FactSet data.

Stephen Innes, managing partner at SPI Asset Management, said in written commentary shared with MarketWatch that if Trump follows through, it would complicate the outlook for markets.

“The U.S. stepping back from physically reopening the artery means the market now has to price a world where the blockage lingers, but the war premium fades at the margin,” Innes said.

On Sunday evening, the speaker of the Iranian parliament advised that investors should always fade the market reactions inspired by news reports or announcements sourced from the Trump administration.

“Do the opposite: If they pump it, short it. If they dump it, go long,” Mohammad Bagher Ghalibaf said in a post on X.

Following such advice would have netted traders a quick gain on Monday, as an early rally inspired by optimistic statements from Trump quickly fizzled, leaving the S&P 500 SPX to finish lower. The index has been sliding for five straight weeks through Friday.

These stocks are surging as the next hot play on the Iran war