Crude oil futures fell over six percent after President Donald Trump said negotiations with Iran would begin imminently to end the war, though Iran denies any talks are taking place.

The drop in oil prices boosted US stocks at the opening, with Dow Jones jumping 1.3 percent, Nasdaq up 1.2 percent, and the broader S&P 500 up 0.9 percent.

Trump said he called off what would have been "massive strikes" at the request of Qatar, Saudi Arabia, and the UAE.  

Brent crude prices dropped 5 percent to $83.53 a barrel on Monday.