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Oil Prices Rise as Wall Street Swings to Doubt on Iran Talks
NYSE Follows Global Markets Lower
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NEW YORK —Uncertainty is weighing on Wall Street about whenthe war with Irancould end, and stocks are falling as oil prices rise on March 26.
The S&P 500 sank 1.2% and more than erased itsgain from the day before. The Dow Jones Industrial Average was down 368 points, or 0.8%, as of 1:37 p.m. Eastern time, and the Nasdaq composite was 1.6% lower.
Stock markets fell even more sharply across much of Asia and Europe. They’re the latestflip-flopsfor financial markets in a week that began with President Donald Trump’s announcement of productive talks about ending the war. That led to Iran’s public dismissal of a U.S. ceasefire proposal, while Iran issued its own plan, which includes reparations for the war.
On March 26, the fighting continued, and thousands more U.S. troops neared the region. Iran, meanwhile, tightened its grip on the crucialStrait of Hormuz. The narrow waterway typically sees a fifth of the world’s oil exit the Persian Gulf through it to reach customers worldwide, and blockages there have sent oil prices near $120 per barrel at times.
A barrel of Brent crude oil climbed 4.8% to $101.94 as hopes dimmed for a potential return to normal for the strait. That’s up from roughly $70 before the war began. Benchmark U.S. crude rose 5% to $94.86 per barrel.
READ MORE:OECD Forecasts 4.2% Inflation as War Hits Global Economy
“They better get serious soon, before it is too late,” Trump said on his social media network about Iran’s negotiators, “because once that happens, there is NO TURNING BACK, and it won’t be pretty!”
The rise in oil prices worsened worries about high inflation and sent Treasury yields higher in the bond market.
The yield on the 10-year Treasury climbed to 4.40% from 4.33% late March 25 and from just 3.97% before the war started. That leap has already sent rates higher formortgagesand other kinds of loans for U.S. households and businesses, which slows the economy.
A report on March 26 said slightlymore U.S. workers filed for unemploymentbenefits last week, though the number is still low compared with historical figures.
A slowing job market would typically encourage the Federal Reserve to cut interest rates to juice the economy. But hopes have cratered on Wall Street for a possible cut to interest rates this year, even though traders came into 2026 forecasting several. That’s because lower interest rates carry the risk of worsening inflation, and the spike in oil prices has heightened those worries.
On Wall Street, Meta Platforms and Alphabet were two of the heaviest weights on the market.
Meta Platforms fell 7.2%, and Alphabet sank 2.7% after each had held relatively steady the day before, whena jury found Instagram and YouTube liablein a landmark social-media addiction trial.
The financial penalties were small compared with the companies’ vast profits, but itcould herald a watershed momentthat invites more lawsuits.
Fresh from TMC, ATA President Chris Spear takes a candid look at what today’s fleet maintenance trends reveal about the broader state of trucking.Tune in above or by going to .
Commercial Metals fell 2.8% after the maker of steel rebar and other products reported a weaker profit for the latest quarter than analysts expected. CEO Peter Matt said bad weather hurt its North American operations during the quarter, but underlying market conditions looked favorable.
On the winning side of Wall Street were oil and natural gas companies, which benefited from a resumption of rising energy prices. ConocoPhillips climbed 3.4%, and Chevron added 1.8%.
In stock markets abroad, Germany’s DAX lost 1.5%, Hong Kong’s Hang Seng sank 1.9% and South Korea’s Kospi dropped 3.2%. Japan’s Nikkei 225 had one of the world’s milder losses, at 0.3%.
Chan Ho-him and Matt Ott contributed.
