U.S. equities soared in Monday morning’s trade after President Donald Trump called off the strikes on Iran, saying that the talks between the two countries would resume.

The Dow Jones Industrial Average (DJIA) soared 680 points to rise to 53,166 before paring some of the gains. The S&P 500 index gained about 0.6%, while the Nasdaq Composite rose about 0.8%.

“We have just been asked by Iran, and other Middle Eastern Countries, to hold off any attack in that the perimeters of a deal has been agreed to,” Trump said in a post on Truth Social on Sunday.

The U.S. President stated that the deal being negotiated includes the complete reopening of the Strait of Hormuz as well as an end to Iran’s nuclear program. However, he added that the cancellation of the attack on Iran is subject to a deal being reached quickly.

Crude Oil Prices Tumble

Crude oil prices tumbled on Monday. U.S. West Texas Intermediate (WTI) crude futures expiring in September were down 7.07%, hovering around $78.68 a barrel. WTI crude was headed for its biggest single-day decline in more than six weeks.

Brent crude futures expiring in October fell 5.6% to hover around $83.01 a barrel.

The United States Oil Fund ETF (USO) fell more than 7% at the time of writing, while the ProShares Ultra Bloomberg Crude Oil ETF (UCO) declined about 8%.

Iran Says No Negotiations Underway With The US Currently

According to a report by Iran government-sponsored Mehr News Agency, Iranian Foreign Ministry spokesperson Esmail Baghaei said on Monday that there are currently no negotiations underway with the U.S.

“We are not holding any negotiations with the United States at present,” he said, while adding that talks between Iran and Oman are aimed at reaching an understanding on the safe passage of ships through the Strait of Hormuz.

Baghaei added that as long as Washington’s hostile actions against Iran and its naval blockade of Iranian ports continue, the U.S. should not expect any change in the status of the strait.

At the time of writing, the  (SPY), which tracks the S&P 500 index, gained 0.63%; the  (QQQ) rose 0.32%; and the  (DIA) gained 1.05%. Retail sentiment on Stocktwits regarding the S&P 500 ETF was in the ‘bearish’ territory.