GIFT NIFTY futures surge 4% as Trump halts strikes on Iran; oil prices down 16% from day's high

The US President Donald Trump, on Truth Social, announced that the United States will postpone “any and all” military strikes against Iranian power plants and infrastructures for a period of five days.

Following the announcement, NIFTY futures at GIFTY City in Ahmedabad surged about 836 points or 3.72% to 23,301.

At the time of writing, Brent crude oil futures (for expiry in May) fell 16% to the session’s low of $96 from their intraday high of $114.43 per barrel (bbl). The crash in crude oil prices follows the latest update about the conflict in West Asia.

According to the post on Truth Social, the US President said that both sides over the last two days engaged in “very good and productive” conversations regarding a “complete and total resolution” of hostilities in the Middle East.

He noted that the conversations will continue through the week and added that the five-day halt in military strikes was subject to the success of the ongoing meetings and discussions.

“Based on the tenor and time of these in-depth, detailed and constructive conversations, which will continue through the week, I have instructed the Department of War to postpone any and all military strikes against Iranian power plants and energy infrastructure for a five day period, subject to the success of the ongoing meetings and discussions,” the US President wrote.

Indian markets

During today’s trading session, both the SENSEX and NIFTY50 touched intraday lows of 72,558.44 and 22,471.25, respectively.

At close on Monday, March 23, the SENSEX stood at the 72,696.39 level, crashing 1,836.57 points, or 2.46%, while the NSE's NIFTY50 index tanked 601.85 points, or 2.6%, to end at the 22,512.65 level.

With GIFT NIFTY trading over 800 points higher, indicating a gap-up opening on Tuesday, March 24.

Crude oil falls

On February 28, 2026, the US and Israel jointly attacked Tehran, which led to the death of Iran’s Supreme Leader, Ayatollah Ali Khamenei. The war had expanded, with Iran retaliating by striking US military bases in the Gulf, along with attacking key energy infrastructure in the area, and closing the Strait of Hormuz.

What followed was a dizzying rally in crude prices, with Brent Crude futures hitting a 52-week high of $119.50 per bbl on Friday, March 3, as the markets reacted to the global energy crisis. With the latest announcement, the contract (for May) has tanked 31% from its 52-week high price to the session’s low of $96 per bbl on March 23.

At the time of writing, Brent crude oil for delivery in May was trading 9.25% lower at $101.81 per bbl.