Stocks Recover From Early Losses, Close With Weekly Gain

US oil tops $110 a barrel as tensions continue in Middle East

Apr. 2, 2026 at 9:05pm

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A close-up photograph of the complex machinery and equipment of an oil refinery, conveying the massive scale and technical complexity of the global energy system that is being disrupted by geopolitical tensions.As the conflict between the US and Iran continues, the global energy infrastructure that powers the economy remains under strain.NYC Today

Stocks in New York overcame early losses on Thursday to finish with small gains, closing out their first winning week since the start of the Iran war. Oil prices remained elevated, however, topping $110 a barrel after President Donald Trump vowed the U.S. will continue attacking Iran without a clear timetable for ending the conflict.

Why it matters

The stock market's ability to recover from early losses and post a weekly gain despite the ongoing geopolitical tensions and high oil prices suggests some resilience, though the situation remains volatile. Elevated energy costs continue to be a concern for consumers and businesses.

The details

Stocks initially declined on Thursday as oil prices surged following President Trump's national address the previous night, where he vowed the U.S. will continue attacking Iran without providing a clear timeline for ending the conflict in the Middle East. Oil prices eased slightly during the trading day but remained well above $100 per barrel.

  • On Wednesday evening, President Trump delivered a national address vowing continued U.S. attacks on Iran.
  • On Thursday, stocks in New York overcame early losses to finish with small gains.

The players

President Donald Trump

The President of the United States who delivered a national address on the ongoing conflict with Iran.

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The takeaway

The stock market's ability to recover from early losses and post a weekly gain despite the ongoing geopolitical tensions and high oil prices suggests some resilience, though the situation remains volatile and elevated energy costs continue to be a concern.