U.S. stocks surged Monday and oil prices fell sharply as President Trump signaled a return to diplomacy with Iran, offering investors relief after a turbulent past month. The Dow Jones Industrial Average rose 1.32%, the S&P 500 gained 1.48%, and the Nasdaq Composite advanced 2.13%.

Brent crude fell 4.7% to $83.77 a barrel after Trump indicated planned attacks were on hold and a deal, including the reopening of the Strait of Hormuz, was nearing agreement. Iran confirmed talks with Oman were in final stages regarding transit through the waterway.

The rally was broad-based, with airlines, software companies, and homebuilders rising. Amazon reached a $3 trillion market valuation for the first time. Boeing gained 8% after its 737 MAX 7 received FAA certification. Marriott, however, fell 7% due to concerns over the Iran conflict impacting sales.