Quick overview

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U.S. stocks closed with slight moves on Tuesday while oil prices dropped sharply, following the extreme volatility seen since the start of the conflict involving Iran.

The S&P 500 slipped 0.2%, a day after reversing early losses to finish with solid gains. The Dow Jones Industrial Average edged down 0.1%, while the Nasdaq Composite was virtually unchanged, rising just 0.01%.

Calm also returned to the oil market, which had been the main source of tension for financial markets due to fears of long-term supply disruptions linked to the conflict.

The international benchmark Brent Crude closed at $91.42 per barrel, 7.6% lower than its previous close, though much of that decline occurred before the end of Monday’s session. Meanwhile, West Texas Intermediate, the U.S. benchmark, traded around $88.57 per barrel.

Oil prices had plunged on Monday after reaching nearly $120 per barrel, their highest level since 2022, following comments from Donald Trump, who told CBS News that he believed “the war is very complete, practically.” The remarks fueled hopes that the conflict could end sooner than expected, allowing oil flows from the Middle East to normalize.

However, later comments from Trump were less clear about when the war might end. Meanwhile, Ali Mohammad Naini, a spokesperson for Islamic Revolutionary Guard Corps, said that Iran would determine when the war concludes. Iran launched new attacks on Tuesday against Israel and several Gulf Arab countries, keeping pressure on the region in a conflict initiated by Israel and the United States.

This uncertainty has left Wall Street waiting for clearer signals about the war’s duration. One point Trump emphasized was his determination to keep the Strait of Hormuz open. The conflict has caused disruptions in the strait off Iran’s coast, a passage through which roughly one-fifth of the world’s oil supply flows—one of the key drivers behind recent oil price swings.

In the bond market, the yield on the U.S. 10‑Year Treasury Note eased slightly to 4.11%, from 4.12% late Monday.

In Asia, investors also digested a series of positive macroeconomic indicators. China reported a record trade surplus of $213.62 billion for the combined period of January and February, far exceeding the $179.6 billion expected by the market.