oil

The S&P 500 closed at a fresh all-time high of 7,209.01, buoyed by strong earnings from Apple and Alphabet. Meta Platforms dropped 8.6% on capex concerns, while oil prices fell amid Iran negotiations.

Oil breaches $100/barrel as US prepares Hormuz blockade. Asia markets decline; most shipping stalled despite ceasefire talks. Strait of Hormuz handles one-fifth of global oil supply. Shipping insurance costs surge; vessels diverted add 2-3 weeks to voyage times.

Oil records steepest weekly drop since 2020 as crude falls below $100. Ceasefire and supply recovery pressures prices. Transportation and manufacturing margins recovering from peak energy costs.

The S&P 500 closed out its worst quarter in four years, declining roughly 7% in Q1 2026 as the Iran conflict and Hormuz blockade rattled markets for the third consecutive month. Oil prices above $100/barrel and stagflation fears dominated despite a brief Tuesday rally on de-escalation hopes.

US crude closed above $100/barrel for the first time since 2022, with WTI at $106.44 and Brent crude up nearly 60% for the month. Iran has effectively closed the Strait of Hormuz, threatening approximately one-fifth of global oil supply. Trump has threatened further escalation against Iran's energy infrastructure.