Major early morning positive news strikes! Sharp surge! Trump: "The Iran conflict has basically ended"

Tensions in the Middle East Signal Major Positive Developments.

According to CCTV News, early this morning Beijing time, U.S. President Trump said in a phone interview, “I think this conflict is basically over, almost done.” As a result, market panic dissipated, with the VIX fear index plunging over 13%. Risk assets rallied strongly at the close, with the Nasdaq rising over 1%, nearly recovering all losses since the US-Iran conflict erupted, and the Nasdaq China Golden Dragon Index surged 1.76%.

Crude oil prices also fell sharply, with WTI crude opening in Asia down over 10%, briefly dropping to $85.02 per barrel, a decline of over 28% from yesterday’s high. After an emergency video conference, G7 issued a joint statement saying they are “ready at any time” to take necessary measures to support global energy supply and stabilize prices.

Additionally, European Council President Charles Michel and EU Commission President Ursula von der Leyen stated on the 9th that the EU is willing to do its best to de-escalate the Iran situation and encourage all parties to return to negotiations. EU leaders held a video conference with Middle Eastern leaders on the latest developments in Iran.

US Stock Market Reversal

Early on March 10 Beijing time, the three major US stock indices surged sharply at the close. The Dow rose 0.50%, the S&P 500 increased 0.83%, and the Nasdaq gained 1.38%. Earlier in the day, the Dow fell nearly 2%, while the Nasdaq and S&P 500 dropped over 1%.

According to CCTV News, President Trump stated that U.S. military action against Iran might end very soon.

He said in a phone interview, “I think this conflict is basically over, almost done. They no longer have a navy, communication systems, or air force.”

Trump also mentioned that the progress was “much faster” than his initial estimate of 4 to 5 weeks.

Major tech stocks in the US closed higher across the board, with AMD and Micron up over 5%, Broadcom and Intel up over 4%, Nvidia and Google up over 2%, and Apple, Microsoft, Amazon, Meta, and Tesla closing slightly higher.

Popular Chinese concept stocks also rose, with the Nasdaq China Golden Dragon Index up 1.76%. Kingsoft Cloud soared over 19%, Bilibili and Xpeng Motors up over 6%, NIO, Li Auto, and Pony.ai up over 3%, Baidu up over 2%, Alibaba and JD.com up over 1%, Pinduoduo and Tencent Music saw modest gains.

Aptus Capital Advisors Portfolio Manager and Fixed Income Head John Luke Tyner said, “It looks like things are heading in a better direction.”

When asked about Iran’s new Supreme Leader, Muqtada al-Sadr, Trump said, “I have nothing to say about him, absolutely nothing.” Trump claimed to have a candidate in mind to succeed Khamenei but did not elaborate further.

On March 9, local time, Russian Presidential Assistant Ushaakov stated that Russian President Putin and U.S. President Trump had a phone call that day.

Ushaakov said the call was initiated by the U.S., lasted about an hour, and was pragmatic, honest, and constructive. The main topics discussed were the Middle East situation related to Iran and the Ukraine peace negotiations.

Regarding Iran, both sides engaged in specific and productive discussions, with Putin urging a quick return to political and diplomatic solutions to resolve the conflict.

Oil Prices Plunge

Trump also stated that the U.S. is “considering taking control of the Strait of Hormuz” and can “take many actions.”

Following this, Brent crude briefly fell below $84 per barrel. Earlier overnight, oil prices broke above $100 per barrel and briefly surged over $119, the first time since 2022.

Early on March 10 Beijing time, WTI crude in Asia opened sharply lower, dropping over 10% at one point. As of press time, it was down 7.67% at $87.50 per barrel; Brent crude fell 3.13% to $89.79 per barrel.

According to CCTV News, on March 9, U.S. Energy Secretary Jennifer Granholm said the U.S. government is “discussing” coordinating the release of strategic petroleum reserves to address current energy market conditions.

G7 finance ministers issued a statement on March 9, saying they are prepared to take necessary measures, including releasing reserves, to support global energy supply.

On that day, G7 finance ministers held a video conference with IMF, World Bank, OECD, and IEA leaders to discuss the current Middle East conflict.

The statement noted that all parties will continue to closely monitor developments and energy market dynamics, and will hold further meetings if necessary to share information and strengthen coordination among G7 and international partners.

However, Israel’s military operations against Iran are ongoing. CCTV News reports that early on the 10th, Tehran time, the Iranian Defense Ministry announced a new large-scale airstrike on Tehran.

Earlier, explosions were heard in Tehran, and air defense systems were activated. Subsequently, explosions were reported in western, eastern, and southern parts of Tehran. Around the same time, explosions also occurred in Karaj and Isfahan.

On the evening of March 9, Israel’s Defense Forces issued a statement saying they targeted dozens of Iranian infrastructure sites, including a drone command center of the Islamic Revolutionary Guard Corps.

The IDF claims Iran has been launching drones toward Israel from this command center, which also stores more drones ready for launch. The IDF also said it will expand strikes on Iran’s ballistic missile production facilities.

Iran has not yet responded to these developments.

(Source: Securities Times)