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Stocks are rushing higher worldwide, and oil prices are easing April 1 as hopes build that the war with Iran could end soon.

The ISM gauge of prices paid for manufacturing inputs climbed another 7.8 points to 78.3, remaining at the highest since mid-2022.

Financial markets muddled through the first two months of the year. Then came the war in Iran.

With crude oil surpassing $100 a barrel, stopgap measures are helping, but they're not adding up to enough oil to replace what's stranded, experts say.

The last time U.S. drivers were collectively paying this much at the pump was nearly four years ago, following Russia’s invasion of Ukraine.

The price for a barrel of Brent crude oil, the international standard, fell 0.3% to $107.10. Benchmark U.S. crude slipped 0.3%.

President Donald Trump on March 30 threatened widespread destruction of Iran’s energy resources if a deal to end the war with Tehran is not reached soon.

So far in March, barely six vessels per day on average have traversed the strait. That compares with about 135 a day in normal times.

Unlike earlier this week when Trump announced that talks with Iran were progressing, investors appear to be skeptical of the president's latest claim.

Iran is trying to set up a tolling system, seeking payments of as much as $2 million per voyage through the waterway.