Oil Jumps, Stocks Swing as Iran Talks Falter; Trump Says “They’re Begging To Make A Deal, Not Me,”

26/03/2026

Oil Jumps, Stocks Swing as Iran Talks Falter; Trump Says “They’re Begging To Make A Deal, Not Me,”

US President Donald Trump answers questions from reporters as he meets with Congo's Foreign Minister Therese Kayikwamba Wagner, and Rwanda's Foreign Minister Olivier Nduhungirehe,on June 27, in the Oval Office at the White House in Washington. (AP)

NEW YORK, (AP) March 26: Global markets turned volatile on Thursday as fading hopes for an end to the Iran war pushed oil prices higher and weighed on equities.

The S&P 500 fell 0.4%, while the Nasdaq Composite dropped 0.6%, and the Dow Jones Industrial Average remained largely unchanged, reflecting investor uncertainty amid shifting signals around potential ceasefire talks.

Oil prices surged sharply, with Brent crude rising 3.8% to $100.93 per barrel, up significantly from around $70 before the conflict began. U.S. benchmark crude also climbed 3% to $93.05 per barrel as concerns grew over disruptions in the Strait of Hormuz.

The spike in energy prices boosted oil and gas stocks but intensified inflation concerns, putting pressure on sectors sensitive to higher costs, including industrial goods and manufacturing.

Meanwhile, the president, Donald Trump, speaking at the start of a Thursday cabinet meeting, said he wanted to “set the record straight” that he isn’t the one pushing for a deal.

“They’re begging to make a deal, not me,” Trump said.

Iranian officials have denied that they’re negotiating with the U.S. as the war continues in its fourth week. Trump insisted they are.

Trump further stated, “Anybody would know they’re talking,” he said. “They’re not fools, they’re very smart actually, in a certain way. And they’re great negotiators. I say they’re lousy fighters, but they’re great negotiators.”

The president told his cabinet he plans to roll out a “variety” of policies to support American farmers,” as the war with Iran has increased the cost of fertilizer during planting season.

Trump emphasized that he previously supported farmers by giving them $12 billion in aid when the agricultural sector faced blowback last year after his tariffs started a trade war.