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Oil Prices Top $100 on Iran War Uncertainty
Brent Crude Rises 1.7% to $100.16
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NEW YORK — The U.S. stock market is rallying toward another record April 22 after GE Vernova, Boston Scientific and other big companies joined the list of those reporting fatter profits for the start of the year than analysts expected. But caution is still hanging over Wall Street, and oil prices are also rising on uncertainty about what will happen in the war with Iran.
The S&P 500 climbed 0.9% and was on track to top its all-time high set on April 17. The Dow Jones Industrial Average was up 423 points, or 0.9%, as of 10:30 a.m. Eastern time, and the Nasdaq composite was 1.2% higher.
GE Vernova flew 12.8% higher after the company, whose products help generate about a quarter of the world’s electricity, reported profit for the first three months of the year that blew past analysts’ expectations.
Much like the broader stock market, GE Vernova is benefiting from the rise of artificial-intelligence technology, and its electrification business booked more equipment orders for data centers during the quarter, $2.4 billion, than it did during all of last year. The company also raised its forecasts for revenue and other financial measures over the full year.
The vast majority of companies in the S&P 500 have so far been delivering results for the start of 2026 that have topped analysts’ expectations, even with the war in Iran driving up oil prices and uncertainty for the global economy. Such strong performances have helped the S&P 500 power higher, and the index is on track for a 13th gain in its last 16 days.
Boston Scientific rallied 8.8%, Boeing climbed 6.5%, and Philip Morris International rose 3.5% after likewise delivering results for the latest quarter that were stronger than analysts expected.
National average price of gasoline back above $4/gal as some states start to see cycles bumping prices back up as wholesale fuel prices rebound. Diesel, however, inching lower at $5.46/gal this morning, a trend that may continue in the short term. — Patrick De Haan (@GasBuddyGuy) April 22, 2026
Still, another rise in oil prices helped keep enthusiasm in check on Wall Street. The price for a barrel of Brent crude oil, the international standard, added 1.7% to $100.16 on uncertainty about when the war with Iran could let up and allow petroleum to flow freely to customers from the Persian Gulf again.
The war has restricted traffic through the Strait of Hormuz, a narrow waterway off Iran’s coast that oil tankers typically use to exit the Persian Gulf. Iran fired on three ships in the strait and seized two of them on April 22.
A day earlier, U.S. President Donald Trump extended a ceasefire but also said he was maintaining an American blockade of Iranian ports. The standoff over Iran’s closure of the strait and the U.S. blockade raised doubts about when or if talks would resume to end the crisis.
Brent crude has shot up from roughly $70 per barrel since before the war on worries about a long-term disruption to the flow of oil. But moves in both the oil and stock markets have become much more modest in recent weeks, following vicious swings where Brent’s price briefly topped $119 and the S&P 500 dropped nearly 10% below its prior all-time high.
On the losing end of Wall Street Wednesday was Best Buy, which fell 4.5% after the electronics retailer announced the departure of CEO Corie Barry. She will be replaced by longtime insider Jason Bonfig, the company’s chief customer, product and fulfillment officer.
In stock markets abroad, indexes dipped in Europe following a mixed finish in Asia.
Ralph Dimenna of Aperia Technologies breaks down the latest advances in tire management technology. Tune in above or by going to RoadSigns.ttnews.com.
Japan’s Nikkei 225 rose 0.4% after the government said exports jumped nearly 11.7% in March, a sign that manufacturers may be bouncing back from the shocks of higher tariffs Trump imposed after returning to office last year. Hong Kong’s Hang Seng fell 1.2% for one of the world’s sharper losses.
In the bond market, Treasury yields eased despite the gain in oil prices. The yield on the 10-year Treasury fell to 4.28% from 4.30% late Tuesday.
That gave back some of its gain from the prior day, when Trump’s nominee to chair the Federal Reserve, Kevin Warsh, said he never promised Trump he would cut interest rates even though Trump has been angrily calling for lower rates.
AP Business Writers Yuri Kageyama and Matt Ott contributed to this report.
