Volatile Crude Oil Prices Rebound Amid Uncertainty Over Hormuz Shipping Resumption

Barry Adams
17 Mar, 2026
New York City

U.S. stocks lost ground after the volatile crude oil prices reversed the previous session's decline amid the uncertainty over the formation of a U.S.-led international coalition to escort oil tankers in the Middle East. 

The S&P 500 Index decreased 0.4%, the tech-heavy Nasdaq Composite eased 0.6%, and crude oil prices rose as much as 4%. 

Crude oil prices in New York advanced 2.8% to $96.15 a barrel, and the Brent crude oil prices in London rose 2.9% to $102.25 a barrel as tensions remained high in the Strait of Hormuz. 

European nations and NATO members showed little urgency in participating in the U.S.-led coalition to protect shipping through the Strait of Hormuz. 

Israel's unprovoked war on Iran, supported by the U.S., is approaching the end of its third week and has engulfed at least fifteen neighboring nations. 

Moreover, Trump's false promises of ending the war and "achieving military objectives" in less than a week are wreaking havoc on passenger and cargo travel through the regions, roiling the global economy, and stoking worldwide inflation.

With the 60% jump in oil prices, the U.S.-Israel war is now stoking food inflation over 10% and adding 65 cents a gallon to retail prices of gasoline at U.S. gas stations. 

Moreover, retail petrol prices in Japan, South Korea, India, and Europe have jumped between 8% and 25%.

 

U.S. Movers 

Dollar General Corp. gained 2.3% to $134.85 after the deep discount retailer reported better-than-expected results in the fiscal fourth quarter ending on January 31.

Net sales increased to $10.9 billion from $10.3 billion, net income soared to $426.3 million from $191.2 million, and diluted earnings per share rose to $1.93 from 87 cents a year ago. 

In the quarter a year ago, the earnings per share included a negative impact of approximately $0.81 per share related to the "store portfolio optimization review."

Same store sales in the fiscal year rose 3.0%, driven by a 4.3% increase in sales in the fourth quarter. 

The fiscal year same-store sales rise reflected increases of 1.6% in customer traffic and 1.4% in average transaction amount and was driven by a growth in each of the consumables, seasonal, home products, and apparel categories.

The company's Board of Directors announced a 59-cent per share dividend payable on April 21 to shareholders on record on April 7. 

For the fiscal year 2026, the company estimated net sales to rise between 3.7% and 4.2%, diluted earnings per share between $7.10 and $7.35, and same-store sales growth in the range between 2.2% and 2.7%.