Oil prices jump 3%, stocks inch higher after Iran vows retaliation for US ‘self-defense strikes’
Oil prices increased by 3% following Iran's vow to retaliate against US military strikes in the Strait of Hormuz. Despite rising tensions, US stocks saw gains as investors remained optimistic about potential peace negotiations. Analysts warn that higher oil prices may persist due to ongoing disruptions in the Middle East.
- ▪Brent crude oil rose 3.9% to $97.07 a barrel after US strikes on Iranian vessels.
- ▪The S&P 500 and Nasdaq increased by 0.8% and 1.3%, respectively, amid hopes for a peace deal.
- ▪Iran's Tasnim news agency reported that negotiations with the US have been 'overall good' but depend on the release of $24 billion in frozen funds.
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Business Oil prices jump 3%, stocks inch higher after Iran vows retaliation for US ‘self-defense strikes’ By Taylor Herzlich Published May 26, 2026, 11:23 a.m. ET See more of our coverage in your search results. Add The New York Post on Google Oil prices jumped about 3% Tuesday morning after Iran vowed retaliation following the US military’s “self-defense strikes” in the Strait of Hormuz, though stocks ticked up as investors held onto hopes for a peace deal. Brent crude oil jumped 3.9% to $97.07 a barrel, while West Texas Intermediate futures were trading 2.9% lower at $93.82 compared with Friday’s close. There was no WTI price settlement on Monday because of the Memorial Day holiday. US stocks rose Tuesday morning as investors held onto hopes for a peace deal.
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