Global stock markets swung wildly and oil prices fell on Monday after Donald Trump postponed US attacks on Iranian power plants for five days.

European stock markets, which had been falling sharply in the hours before Trump’s social media post, mostly rose on Monday as relieved investors digested the update.

The French Cac 40, the Spanish Ibex and the German Dax, which all also opened lower, were up by 1%, 1.4% and 1.9% respectively. The FTSE 100 share index, which had fallen by nearly 1.5% in early trading, reversed course to gain 0.4%, before paring back again to a fall of 0.2%.

Oil prices, which had been rising after Trump threatened over the weekend to strike Iranian infrastructure unless Iran opened the strait of Hormuz, dropped…