Oil prices rise, stocks fall ahead of Trump's Tuesday deadline for Iran

MoneyWatch Oil prices rise, stocks fall ahead of Trump's Tuesday night deadline for Iran .chip { background-image: url('/fly/bundles/cbsnewscore/images/chip-bgd/chip-bgd-moneywatch.jpg'); } By Aimee Picchi Aimee Picchi Associate Managing Editor, MoneyWatch Aimee Picchi is the associate managing editor for CBS MoneyWatch, where she covers business and personal finance. She previously worked at Bloomberg News and has written for national news outlets including USA Today and Consumer Reports. Read Full Bio Aimee Picchi Updated on: April 7, 2026 / 8:54 AM EDT / CBS News Add CBS News on Google Oil prices rose on Tuesday and stock futures fell ahead of President Trump's 8 p.m. EST deadline for Iran to reopen the Strait of Hormuz to avoid sweeping airstrikes on infrastructure targets, including power plants and bridges.S&P 500 futures sank 0.5%, while Dow Jones Industrial Average futures pointed to a decline of 0.4%. Nasdaq futures dropped 0.6%. Brent crude, the international oil benchmark, rose 1% to $110.81 per barrel, while West Texas Intermediate, the U.S. benchmark, jumped 2.9% to $115.70.Surging oil costs have driven up U.S. gasoline prices to their highest level since 2022. The average national price for a gallon of regular gas climbed on Tuesday to $4.14, up from $2.98 just before the outbreak of hostilities, according to data from AAA.The stock market has gyrated for weeks amid uncertainty over the war in the Middle East, which has strangled the global flow of oil and liquified natural gas, with the Strait of Hormuz remaining effectively shut to oil tankers. Oil prices have climbed more than 50% since the war began at the end of February, prompting economists to warn of rising inflation risks. The reaction on Tuesday from investors is relatively muted given the economic risks that could be in store if the war escalates, said Nigel Green, the CEO of investment firm de Vere Group. "Markets are behaving as if this is background noise...