US stocks join bonds higher as oil declines to $95

The S&P 500 rose 1%. Tech led gains, with Nvidia Corp.’s AI conference beginning Monday while a news report said OpenAI is discussing a $10 billion venture with private equity firms

A slide in oil prices lifted stocks and bonds on hopes that more tankers will be able to traverse the Strait of Hormuz, with signals that rich nations could release more stockpiles also helping sentiment.

While traffic through Hormuz remains at a near-standstill amid the Iran war, US crude fell to around $95 as a trickle of vessels started to find a way through the oil route. The S&P 500 rose 1%. Tech led gains, with Nvidia Corp.’s AI conference beginning Monday while a news report said OpenAI is discussing a $10 billion venture with private equity firms.

Treasuries also gained as a drop in oil prices eased fears about their inflationary potential. The dollar fell. Bitcoin topped $73,000. Trading in copper, zinc, aluminum and other contracts has been halted on the London Metal Exchange.

As the war on Iran entered its third week, President Donald Trump is raising pressure on nations to help reopen the vital maritime thoroughfare linking the Persian Gulf to international markets. The International Energy Agency said it can release more emergency stockpiles, if needed.

The US is letting Iran continue to ship its oil via the Strait of Hormuz, Treasury Secretary Scott Bessent told CNBC.

Asked if there were ​any ⁠tools to mitigate higher oil prices — beyond emergency reserves — he said it would depend on how long ​the war lasts. Bessent noted prices would be “probably much lower” than $80 in a couple of months’ time.

“While it’s possible for oil prices to exceed $100 in the near-term, we don’t expect prices to remain above this threshold for the long-term,” said Richard Saperstein at Treasury Partners. “Oil prices will decline as tensions subside and oil flows return to pre-crisis levels.”

Trump said over the weekend that Iran is ready to make a deal to end the war, but the US wants better terms, including a commitment by Tehran to abandon nuclear activities. Iranian Foreign Minister Abbas Araghchi denied seeking talks or a ceasefire.