Wall Street shot higher and oil futures tumbled 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.

Oil prices have been excruciatingly volatile since the start of the year. They soared as tensions with Iran grew. Brent oil, the global benchmark, peaked near $120 a barrel after Iran struck energy infrastructure in the Persian Gulf.

U.S. stocks ended sharply higher Monday after President Trump said he would pause for five days any strikes against Iran's energy infrastructure. The Dow, S&P 500 and Nasdaq all posted their biggest percentage gains since early February.

Thousands of oil contracts -- a far higher volume than normal -- were traded 15 minutes before US President Donald Trump pledged to halt strikes on Iranian energy infrastructure,

U.S. stocks were set to surge and oil fell after Trump and Iran gave conflicting reports about talks between the U.S. and Iran.

Oil prices have soared by over 50% in the past month, with WTI crude trading sideways in the $90 to $100 band. Stocks like Exxon Mobil (NYSE:XOM | XOM Price Prediction), Occidental Petroleum (NYSE:OXY),

SolarEdge Technologies is among the clean-energy stocks benefiting from oil market turbulence -- a movie investors have seen before.

Are we headed for a bear market?

Live updates on markets and the top finance, economics and business stories. Plus the latest on oil prices, the Dow, S&P 500 and Nasdaq.

President Trump's optimism about talks to end the Iran war has been tempered by denials from Tehran, and violence that continues to keep the Strait of Hormuz gridlocked.