Relief is flowing through financial markets Monday after President Donald Trump said the United States has talked with Iran about a possible end to their war. Oil prices are easing, and stock prices are jumping on Wall Street following severe losses taken elsewhere in the world before Trump’s announcement.

Oil prices fell sharply on Monday after President Donald Trump told reporters that Iran has agreed not to have nuclear weapons. Trump added that the Strait of Hormuz might be jointly controlled by him and the leader of Iran.

As oil tops $100, the Iran war is testing Trump’s push for fossil fuels — and leaving U.S. consumers exposed to price spikes, experts say.

Oil prices fell 10% early Monday after President Donald Trump said the U.S. and Iran have held productive talks over a resolution to hostilities in the Middle East.

Iran's attacks on ships have essentially closed the Strait of Hormuz, causing oil prices to soar. Since the war started, retail gas prices have gone up by almost $1 per gallon.