Global markets experienced dramatic swings over the past 24 hours as oil prices surged and then sharply reversed, while cryptocurrencies and equities rallied after Donald Trump suggested the conflict with Iran could end sooner than expected.

Crude oil initially spiked on geopolitical concerns, with West Texas Intermediate crude oil climbing to around $120 per barrel overnight. The rally proved short-lived, however, as prices later plunged back to just above $80.

Volatility across markets intensified after Trump said military operations against Iran were progressing “very far ahead” of the previously expected four-to-five-week timeline. He added that more details on the situation would be provided later in the day.

Risk assets had already started recovering after a sharp sell-off late Sunday when oil prices surged nearly 30%. Following Trump’s remarks, both cryptocurrency and equity markets extended their gains.

Heading toward the close of U.S. trading, the Nasdaq Composite was up roughly 1.25%, while the S&P 500 gained about 0.8%.

In the digital asset market, Bitcoin traded slightly above $69,000, marking an increase of around 2.4% over the previous 24 hours.

Oil prices continued to fall as the session progressed. After touching $120 per barrel Sunday evening, West Texas Intermediate crude oil dropped to roughly $85, leaving it about 6% lower on the day.

Crypto-related equities also advanced. Shares of Circle Internet Group climbed around 10%, while MicroStrategy gained about 5%. Coinbase also moved higher, rising roughly 2% as digital-asset-linked stocks followed the broader market rebound.