Global markets closed higher after Donald Trump’s announcement of talks with Iran to de-escalate the Middle East conflict, driving oil prices down. In Chile, however, the Ipsa index fell 0.49% to 10,227.64 points amid local concerns over domestic consumption and the Mepco fuel mechanism.
Major global markets posted strong gains on March 23, 2026, following a Truth Social post by U.S. President Donald Trump. Trump stated that the United States and Iran have held “very good and productive conversations” over the past two days toward a “complete and total resolution of our hostilities in the Middle East.” He also noted instructing the Department of War to postpone strikes on Iranian power plants and energy infrastructure for five days, contingent on ongoing talks' success. This eased prior fears, with WTI crude falling 9.5% to $88.9 per barrel and Brent dropping 9.49% to $96.31, from an intraday high of $120. Markets had awaited Trump's 48-hour deadline for Iran to reopen the Strait of Hormuz, through which 20% of world oil flows. The S&P500 rose 1.23%, Dow Jones and Nasdaq 1.38% each. Asian indices closed lower pre-announcement: Kospi -6.49%, Nikkei -3.48%, Hang Seng -3.54%.In Chile, the Ipsa index bucked the trend, declining 0.49% to 10,227.64 points. Local analysts cited domestic factors. Guillermo Araya of Renta4 said the “noise” comes from uncertainty over the Mepco fuel price stabilization mechanism, pending a decision from the Finance Minister. Jorge Tolosa of Vector Capital attributed the drop to falls in domestic consumption stocks like Falabella (-4.22%), Cencosud (-2.5%), and Banco de Chile (-4.44%, post-dividend payout). Emanoelle Santos of XTB noted pressure from potential sustained high rates by the Central Bank amid global inflation. SQM-B gained 6.85%.The dollar fell $20.05 to $908.50 in Chile, the biggest daily drop since April 2025. Copper spot dipped 1.09% to $5.39 per pound on the London Metal Exchange (year's second-lowest, after $5.36 on March 19), but futures rose 3.37% to $5.46. Juan Ignacio Guzmán of GEM said if the crisis eases, copper could rebound to $5.7-$6 per pound; if it worsens into recession, fall to $4.
