Dow Jones ends steady, oil collapse pressures energy sector

US stock indices showed mixed performance during trading on Tuesday as markets continued to monitor developments in the Middle East between the United States and Iran and their impact on global energy supplies.

President Donald Trump predicted a quick end to the war with Iran, which had disrupted global crude flows and triggered a sharp drop in oil prices.

Midway through Tuesday’s session, oil prices briefly declined further after US Energy Secretary Chris Wright posted on X that the US military had facilitated the passage of an oil shipment through the Strait of Hormuz, before later deleting the post.

The drop followed a record surge in oil prices that pushed them on Monday to their highest levels since June 2022, above $119 per barrel, amid production cuts from Saudi Arabia and other producers, raising fears of major disruptions to global supplies.

Brent crude futures for May delivery fell 11.28%, or $11.16, at settlement to $87.80 per barrel.

US Nymex crude futures for April delivery declined 11.94%, or $11.32, to close at $83.45 per barrel.

At the close, the Dow Jones Industrial Average slipped 0.1%, or 34 points, to 47,706 points, after touching a high of 48,220 and a low of 47,444.

The broader S&P 500 index fell 0.2%, or 14 points, to 6,781 points, reaching a high of 6,845 and a low of 6,759.

Meanwhile, the Nasdaq index edged up by less than 0.1%, or about 1 point, to 22,697 points, after hitting a high of 22,906 and a low of 22,608.