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NYSE:PTEN 3 April 2026

Oil Price Shock Deepens as Dated Brent Hits 2008 High and Iran War Chokes Hormuz

Oil Price Shock Deepens as Dated Brent Hits 2008 High and Iran War Chokes Hormuz

Dated Brent crude jumped to $141.37 a barrel Thursday, its highest since 2008, as the Strait of Hormuz remains blocked with no agreement to restore shipping. U.S. gasoline prices are projected to reach $4.25–$4.45 per gallon next week and could top $5 if the disruption continues. Pakistan raised fuel prices sharply, and Europe is considering rationing. WTI closed above Brent for the first time since May 2022.
3 April 2026
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Stock Market Today

  • Oil Prices Surge and Stocks End Week Mixed After Trump's Iran Address
    April 3, 2026, 7:32 AM EDT. Oil prices surged over 11% after President Trump's national address signaled continued U.S. attacks on Iran without a clear end timeline, pushing U.S. crude above $111 per barrel. This spike, amid restricted shipping in the Strait of Hormuz where a fifth of global oil transits, caused early stock market losses. Despite this, the S&P 500 managed a modest 0.1% gain to 6,582.69, marking its first weekly rise since the Iran conflict began, up 3.4% for the week. The Dow Jones Industrial Average fell 61 points, or 0.1%, to 46,504.67, while the Nasdaq rose 0.2% to 21,879.18. Markets will close Friday for Good Friday. Elevated crude prices remain a key driver of volatile global stock movements.
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