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Tech Rally Collides With Oil Spike as Iran Talks Stall

Investors face rising energy costs with diplomacy frozen and the Strait of Hormuz still constricted.

Options trader Matthew Hefter, center, works on the floor of the New York Stock Exchange, Thursday, April 23, 2026. (AP Photo/Richard Drew)
A visitor walks past Japan's Nikkei stock prices quotation board inside a conference hall in Tokyo, Japan March 4, 2026. REUTERS/Issei Kato/File Photo
Trader Justin Flinn works on the floor of the New York Stock Exchange, Thursday, April 23, 2026. (AP Photo/Richard Drew)
Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), right, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Friday, April 24, 2026. (AP Photo/Ahn Young-joon)

Overview

  • Oil prices climbed Monday, with Brent above $100 and U.S. crude near $96, after Washington halted envoy travel and shipping through the Strait of Hormuz stayed constrained.
  • Stocks showed a split picture as the S&P 500 and Nasdaq closed at records Friday, while Monday trading saw Asia’s tech-led indexes set fresh highs and U.S. futures turn cautious.
  • President Donald Trump canceled plans to send negotiators and said Tehran could restart talks by phone, and Iran’s spokesman said no meeting is planned.
  • Axios reported an unconfirmed Iranian offer to reopen the Strait of Hormuz in exchange for postponing nuclear talks, which officials had not validated by Monday morning.
  • The week brings earnings from five of the biggest U.S. tech firms and policy decisions from major central banks, with the Fed’s meeting likely the last chaired by Jerome Powell as oil-driven inflation risks persist through a waterway that carries roughly one-fifth of global seaborne oil.