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US Stocks Rebound as Oil Price Spike Slows
Investors hopeful as Trump signals potential diplomatic talks to reopen Strait of Hormuz
Mar. 31, 2026 at 1:50pm
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As oil prices continue to roil global markets, the focus turns to the critical infrastructure and supply chains that underpin the world's energy system.NYC TodayU.S. stocks are bouncing back on Tuesday as the spike in oil prices caused by the war with Iran slows. The S&P 500 jumped 1.2%, recovering some of the losses from the previous day when it fell more than 9% below its all-time high. The Dow Jones Industrial Average was up 400 points, or 0.9%, and the Nasdaq composite was 1.6% higher. The rebound came as steadying oil prices took some pressure off Wall Street, with the price for a barrel of Brent crude oil inching down slightly.
Why it matters
Oil prices have been dictating the sharp swings in the U.S. stock market since the war began, with Brent crude shooting from roughly $70 per barrel to as high as $119. The worry is that the war may last a long time and keep oil and natural gas from the Persian Gulf out of global markets, which could create a brutal blast of inflation. The slowdown in oil price increases has provided some relief for investors.
The details
The rebound was sparked by a report that President Trump told aides he's willing to end the U.S. military campaign against Iran even if the Strait of Hormuz remains largely closed. The strait is a critical waterway for global oil shipments, and keeping it open is seen as key to calming markets. Trump urged the U.K. and other countries to 'go to the Strait, and just TAKE IT.' Tech stocks were the strongest forces lifting the market, with Marvell Technology climbing 7.6% after Nvidia invested $2 billion in the company and announced a partnership.
- Oil prices have shot high enough that inflation in Europe accelerated to 2.5% in March, up from February's 1.9%.
- In the United States, the price for a gallon of gasoline topped $4 per gallon for the first time since 2022.
The players
Donald Trump
The President of the United States who reportedly told aides he's willing to end the U.S. military campaign against Iran even if the Strait of Hormuz remains largely closed.
Nvidia
A tech company that invested $2 billion in Marvell Technology and announced a partnership with the company, helping boost Marvell's stock price.
Marvell Technology
A tech company whose stock price climbed 7.6% after Nvidia invested $2 billion in the company and announced a partnership.
What they’re saying
“On his social media network, Trump on Tuesday morning urged the United Kingdom and other countries to 'build up some delayed courage, go to the Strait, and just TAKE IT.'”
— Donald Trump, President of the United States
What’s next
To get the Strait of Hormuz open, Trump could try diplomatic talks with Iran and then push allies in Europe and the Gulf to take the lead, according to the report.
The takeaway
The rebound in U.S. stocks highlights the market's sensitivity to oil prices, which have been a major driver of volatility since the war with Iran began. Investors are hopeful that diplomatic efforts to reopen the critical Strait of Hormuz could help ease inflationary pressures and provide more stability for the markets.
