Oil Prices Surge as US-Iran Talks Falter, Global Stocks Decline

Apr 24, 2026

75 min

Apr 24, 2026 02:30

Oil prices rise, stocks mostly fall as US-Iran peace talks stall

## Oil Prices Climb Amid Tensions

Oil prices rose significantly on Friday after Iran announced it would keep the Strait of Hormuz closed as long as the US continues to block its ports. This strategic waterway is crucial for global oil shipments, with about 20% of the world's oil passing through it. The price of US crude oil, West Texas Intermediate (WTI), increased by 1.23% to $97.03 per barrel, while Brent crude rose by 1.26% to $106.4 per barrel.

## Stock Markets React

Global stock markets mostly fell on Thursday, reversing recent gains. Investors were concerned about the ongoing Middle East conflict and its impact on economic growth. Wall Street's main indexes ended lower, with the Dow Jones, S&P 500, and Nasdaq all declining. European and Asian markets also saw declines, except for Paris's CAC 40, which rose due to strong performance by L'Oreal.

## Economic Concerns

The rise in oil prices has reignited fears of inflation, which could hinder global economic recovery. In the eurozone, business activity contracted for the first time in 16 months, driven by higher energy costs and supply chain disruptions. Analysts warn that prolonged conflict in the Middle East could further destabilize markets and economies worldwide.

## Mixed Corporate Earnings

The latest US corporate earnings reports received a mixed response. While some companies like American Airlines saw stock increases, others like Tesla and Lockheed Martin experienced declines. In Asia, Seoul's stock market reached a record high, driven by a rally in the tech sector.

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