Wall Street shot higher and global oil futures tumbled Monday after President Donald Trump extended his deadline for Iran to reopen the crucial Strait of Hormuz and said the U.S. would hold off on strikes against Iranian power plants and other energy infrastructure for five days.

Trump's post on social media about the strikes came as the war with Iran enters its fourth week. Futures for the S&P 500 and Dow Jones Industrial Average soared 2.6% before the opening bell. Oil prices also immediately reversed course, sinking as much as 10%. Benchmark U.S. crude slid $8.23 to $90 a barrel. Brent crude, the international standard, tumbled $9.02 to $103.17 a barrel.