Wall Street Weakens as Iran Conflict Heats Up, Oil Prices Surge Again
NEW YORK - The main US stock indices weakened uniformly during Tuesday’s trading (24/3/2026), alongside the renewed rise in crude oil prices and the ongoing Iran conflict, which has now entered its fourth week.
Citing CNBC on Wednesday (25/3/2026), the S&P 500 fell 0.37% and closed at 6,556.37, after having surged sharply in the previous session. Meanwhile, the Dow Jones Industrial Average corrected by 84.41 points or 0.18% to 46,124.06, and the Nasdaq Composite weakened 0.84% to 21,761.89.
US President Donald Trump stated on Tuesday that his country was currently “in the process of negotiation” with Iran. He also expressed confidence that Iran had the desire to reach an agreement.
That statement had briefly driven the major stock indices up more than 1% in the previous day’s trading. However, Iranian state media reported that there were no direct talks between the two countries.
Uncertainty intensified as reports indicated that Israel and Iran were still exchanging attacks, despite statements regarding negotiation opportunities.
On the other hand, the US Department of Defense (Pentagon) is reportedly considering deploying around 3,000 troops to the Middle East region, though no official decision has been made regarding sending forces to Iran.
On the commodities front, oil prices continued their upward trend. Brent crude rose 4.55% to $104.49 per barrel, while West Texas Intermediate (WTI) strengthened 4.79% to $92.35 per barrel.
Head of equity strategy at U.S. Bank Asset Management, Terry Sandven, said the market was currently moving in high uncertainty. According to him, until there is clarity on the Iran conflict, market movements will tend to be sideways with high volatility.
“What we are seeing now is a high level of uncertainty regarding Iran, so I assess that the market will move sideways with significant fluctuations until there is further clarity,” said Terry Sandven.
He also warned that if the S&P 500 falls below the 6,500 level, the potential for further weakening remains open.
“If the S&P 500 closes below the 6,500 level, there is a possibility of further weakening,” he explained.
Nevertheless, there are positive signals from diplomatic efforts, with Pakistan offering to facilitate talks between the US and Iran.
Previously, Trump had also threatened to attack Iran’s power facilities if the Strait of Hormuz is not reopened. In response, Iran stated it was prepared to target US infrastructure as retaliation.