US stocks were little changed on Tuesday as oil prices dropped after President Trump signaled the war in Iran will be limited – though the drop slowed after the White House walked back a claim that an oil tanker had been escorted through an Iranian energy chokepoint.
The Dow Jones Industrial Average fell 34 points, while the Nasdaq was flat and the S&P 500 edged down after President Trump said the war was “very complete, pretty much,” and G7 energy ministers met to discuss the potential release of oil reserves.
West Texas Intermediate crude oil and Brent crude each plummeted to near the $80 level after surging to levels near $120 the previous day, though later in the day they recovered to $83.45 and $87.80, respectively.
On Tuesday afternoon Energy Secretary Chris Wright deleted a social media post claiming the US Navy had successfully escorted an oil tanker through a key Iranian waterway known as the Strait of Hormuz, which carries 20% of the world’s oil supply.
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Oil prices drop near $80 as US walks back claim that tanker was escorted through Strait of Hormuz
- by: By Taylor Herzlich and Josh Christenson
- 2026-03-10
- Source:
NY Post
- 03/11/2026
