Oil Prices Ease as Iran and Israel Halt Strikes

Oil prices fell Tuesday after Israel and Iran agreed to halt strikes against each other, even as the Israeli military issued new warnings against the Iran-backed militia Hezbollah in southern Lebanon.

The pledge by the countries to stop attacks eased fears of a broader regional conflict. The countries had engaged in tit-for-tat strikes, starting over the weekend, threatening to unravel an already fragile, two-month ceasefire.

Oil slides.

— The price of Brent crude, the global benchmark for oil, fell by more than 2% to about $92 a barrel.

— West Texas Intermediate crude, the U.S. benchmark, was down around 3% to around $88 a barrel.

— Investors and analysts are focused on the continued disruption to shipping in the Strait of Hormuz, the narrow waterway between Iran and Oman that is a vital trading route for oil and natural gas that normally carries as much as one-fifth of the world’s oil supply.

Stocks rise.

— The S&P 500 rose 0.6% as trading resumed in the United States on Tuesday.

— Stocks in Asia ended the trading day broadly higher. Shares in Japan and Taiwan jumped more than 2%, while stock markets in mainland China posted strong gains.

— In Europe, stocks gained. The Stoxx 600, a broad-index that tracks the region’s largest companies, rose 0.6%.

Gasoline prices hold firm.

— Gas prices held steady Tuesday to a national average of $4.16 a gallon, according to the AAA motor club. Gas prices have risen 40% since the war began.

— Gas prices don’t move in lock step with crude, usually trailing increases or drops by a few days.

— The average price of diesel was also unchanged at $5.32 Tuesday, up 42% since the start of the war.

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This article originally appeared in The New York Times.

By The New York Times/J. Emilio Flores
c. 2026 The New York Times Company

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