Oil prices jump amid renewed tensions over the Strait of Hormuz

Iran warOil prices jump amid renewed tensions over the Strait of HormuzStock futures also dropped as traders also closely watched the status of possible peace talks.Listen to this article with a free account00:0000:00Add NBC News to GooglePresident Trump says U.S. struck and seized Iranian tanker02:24Get more newsLiveonShareAdd NBC News to GoogleApril 19, 2026, 6:53 PM EDTBy Steve KopackThe price of oil jumped sharply and stock futures tumbled Sunday evening as traders digested renewed tensions between the U.S. and Iran over the critical Strait of Hormuz.Subscribe to read this story ad-free Get unlimited access to ad-free articles and exclusive content.U.S. crude oil jumped more than 7%, to about $90 per barrel, and international Brent crude oil rose 5%, to around $95 per barrel.S&P 500 futures dropped nearly 0.8%, Nasdaq 100 futures fell 0.7%, and Dow futures tumbled 500 points, or 0.7%. Russell 2000 futures slid 1.4%.Wholesale gas prices also rose by more than 4%, and heating oil futures, which are a proxy for jet fuel prices, also spiked 7%. Natural gas prices rose 2%. The moves adds to weeks of dramatic ups and downs as investors have tried to digest the almost daily swings between war and peace. While major U.S. stock indexes had recently recovered all loses incurred since the war began, oil prices have remained elevated, costing consumers more at the gas pump and pushing inflation higher.Of particular concern is the Strait of Hormuz, the crucial waterway off Iran, where more than 20% of the world's oil supply normally passes.Iran declared the strait open for commercial vessels Friday — which sent oil prices plummeting 11% — but then walked back the statement over the weekend as it accused the U.S. of only "partially implementing the ceasefire." Iran declared the strait closed again, and dozens of commercial ships that tried to exit the strait turned back around and remain trapped west of the crucial passage.Shipping giant CMA CGM said one of its ships came und...