Former President Donald Trump defended a recent agreement with Iran, saying the move prevented a market collapse. Speaking at a Wednesday news conference, he warned that without the deal oil prices could surge, pushing equities into a depression reminiscent of 1929. He added a harsher stance might trigger global supply disruptions and called critics “jealous, bad people, or stupid” on Truth Social.

Trump argued the United States faced an “oil weapon” from Tehran, claiming Iran held the world “over a barrel.” He cited the S&P 500’s record‑high close and sliding crude as evidence that the pact capped price spikes. The president warned that a continued standoff would depress stock values more than any recent shock.

Investors interpreted the rhetoric as a signal that policy could shift with market pressures ahead of the midterm elections. By averting a potential oil‑price shock, the deal may have helped preserve capital flows into energy stocks, but it also raised concerns about the administration’s willingness to negotiate under duress. Trump’s Iran accord thus underscored the link between geopolitics and Wall Street volatility.