Crypto and stocks extend gains after Donald Trump signals the Iran war may end soon.

Markets experienced a dramatic 24-hour swing as crude oil surged and then sharply reversed, while cryptocurrencies and stocks climbed after Donald Trump suggested the conflict with Iran could end sooner than expected.

Oil prices had earlier spiked on geopolitical fears, with West Texas Intermediate crude oil jumping to nearly $120 per barrel overnight. The rally, however, quickly unwound, with prices sliding back to just above $80 as the day progressed.

The volatile moves across global markets intensified after Trump said military operations against Iran were progressing “very far ahead” of the initially expected four-to-five-week timeline. He added that further updates on the situation would be provided later in the evening.

Risk assets were already rebounding after a sharp sell-off on Sunday night when oil prices surged as much as 30%. Following Trump’s remarks, both cryptocurrency and equity markets extended their gains.

By late afternoon, the Nasdaq Composite was up about 1.25%, while the S&P 500 had gained roughly 0.8%.

In the crypto market, Bitcoin traded just above $69,000, marking a roughly 2.4% increase over the past 24 hours.

Oil prices continued to retreat as risk sentiment improved. After surging to $120 per barrel on Sunday evening, West Texas Intermediate crude oil fell sharply to around $85, leaving it down about 6% on the day.

Crypto-linked equities also advanced. Shares of Circle Internet Group jumped about 10%, while MicroStrategy gained roughly 5%. Meanwhile, Coinbase rose around 2%, adding to the broader rally in digital-asset-related stocks.