Stories
Crude Oil Surges Past $100 After 5 PM, Stock Markets Plunge Amid US-Iran Talks Uncertainty
C
CNBC Awaaz•23-09-2026, 17:27
Crude Oil Surges Past $100 After 5 PM, Stock Markets Plunge Amid US-Iran Talks Uncertainty
- •Brent crude, initially below $100 on Wednesday morning, surged past $100 per barrel by 5:15 PM IST, reversing earlier relief.
- •Hopes for easier oil movement through Hormuz and increased supply from Saudi Arabia had initially lowered prices.
- •Uncertainty surrounding US-Iran talks, particularly Iran's conditions for opening the Hormuz passage, fueled renewed buying in oil.
- •Rising crude prices are linked to concerns about inflation, potentially leading the US central bank to maintain high interest rates.
- •US two-year government bond yields rose to 4.79%, and Nasdaq 100 futures fell 0.2%, reflecting broader market concerns.
Key Questions Answered
Crude prices rose above $100 per barrel because ongoing uncertainty and a lack of progress in US-Iran talks fueled supply concerns and reduced market confidence.
The Strait of Hormuz is a narrow sea passage through which a large portion of the world's oil and gas supply previously moved before the war.
Expensive oil drives up transportation and goods costs, which can increase inflation fears and prompt the US central bank to keep interest rates high, causing bond yields to rise and stock index futures to decline.
