US stocks gained ground on Tuesday as fresh attacks in the Iran war drove oil prices higher amid questions over the US push for allies to help protect shipping in the Strait of Hormuz.
Markets continue to navigate the risks of a Middle East conflict that shows no sign of moderating. Iran kept up its strikes on energy infrastructure, setting a huge UAE gas field ablaze. Meanwhile, Israel said it had killed Iran’s security chief to further escalate tensions.
Brent crude futures (BZ=F) jumped to just below $104 a barrel before paring some gains, resuming the conflict-driven rally after Monday’s pullback. West Texas Intermediate (CL=F) crude also rose, trading above $94. At the same time, US diesel topped $5 a gallon for the first time since December 2022, thanks to disruptions to supplies from the Gulf.
Doubts surround the prospects of reopening the Strait of Hormuz, which Iran has effectively blocked. Several US allies have rebuffed President Trump’s request for a multinational effort to escort vessels through the waterway, vital to tanker shipping.
Just as inflation pressures were easing, the surge in energy prices is complicating the global outlook for the Federal Reserve and other major central banks that were preparing to move toward interest rate cuts. The Fed begins its two-day meeting on Tuesday, with its second policy decision of the year and comments from Chair Jerome Powell to follow on Wednesday. Expectations for near-term rate cuts have eased, and markets are pricing in 99% odds of rates remaining at current levels, according to CME FedWatch.
On the corporate front, investors are parsing the information out of Nvidia’s (NVDA) highly anticipated GTC event. Jensen Huang, the CEO of the global chip behemoth, announced a slew of deals and said the company sees $1 trillion in chip sales through the end of 2027.
Daily Market Coverage Mar. 17, 2026 9AM-11AM (ET) | Yahoo Finance
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