Oil Prices Surge, Stocks Pull Back Amid U.S.-Iran Tensions

0:00It's April 20th. I'm Cory with the story. This is Canada News Today, driven by AI. Oil prices spiked today amid fresh U.S. Iran tensions, with Brent Crew jumping 5.3% to $95.21 a. Barrel. That's on fears Iran might trap oil in the Persian Gulf by blocking tankers from the strait of Hormuz. Meanwhile, U.S. stocks pulled back a touch from record highs, the S&P 500 down 0.3%, the Dow off 71 points, or 0.2%, and NASDAQ dropping 0.5%. This split comes after Friday's rally when Iran briefly reopened the straight to ships, sending oil lower and stocks higher. But that faded fast when Iran shut it again. Saturday, right after the U.S. grabbed an Iranian cargo ship, dodging its poor blockade. Airlines and Crews lines took hits from higher fuel costs, nor weagen Crewsline down 4.4%, Carnival off 1.4%. United Airlines slipping 2.6%, and American Airlines falling 4.7%.

1:05Still, the broader market holds strong above pre-war levels, showing investors bet on a possible deal. Big U.S. companies crushed first quarter 2026 earnings, with banks calling the economy tough, but resilient thanks to steady consumer. Spending. Analysts now expect S&P 500 profits 13% higher year over year if everyone hits targets. A key see-spire deadline hits Tuesday at 8 p.m. Eastern time, and with solid earnings momentum, markets seem poised to shake off the drama if. Talks heat up.