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Macro EconomyMediumUpdated×8•Originally published 5 April 2026•Updated 7 April 2026•

1 min read

Oil Surges Past $115 as Truce Hopes Fade; US Stock Futures Decline

Portrait of Jerome Powell against a world map with financial charts, red downward arrows, oil barrels, and the Federal Reserve seal.

Key Facts

1WTI crude oil topped $115 per barrel as the April 6 deadline set by President Trump approaches.

about 2 months ago

Version History

47 additional sources confirmed this story

Version 8about 2 months ago

What changed: Market sentiment shifted from previous gains to a decline in stock futures, driven by fading hopes for a diplomatic truce regarding the Strait of Hormuz situation.

Version 7about 2 months ago

What changed: Updated the story to include the explicit military threat associated with the Tuesday evening deadline and noted Bitcoin's reversal to $68,589.

Version 6about 2 months ago

What changed: Incorporated the positive March jobs report, Bitcoin's Monday rally, and specified President Trump's involvement in setting the Iran deal deadline.

Version 5about 2 months ago

What changed: Added ISM manufacturing data as a factor for Fed policy and included an inflation outlook through 2026 from Charles Schwab.

Version 4about 2 months ago

What changed: US stock indices reversed earlier losses and turned higher amid optimism over a potential US-Iran cease-fire.

Version 3about 2 months ago

What changed: Added details regarding the decline in U.S. Treasury yields and the shift in investor focus toward potential de-escalation and a cease-fire deal.

Version 2about 2 months ago

What changed: The update introduces a specific Tuesday deadline set by Donald Trump regarding the Strait of Hormuz, quantifies the decline in Dow futures, and notes Tehran's openness to negotiations.

Version 1about 2 months ago

What changed: Updated the story to include falling global growth estimates and rising inflation due to the energy shock, while highlighting Latin American bonds as a key investment pivot.

Crude oil prices held above $115 per barrel as geopolitical tensions escalated ahead of President Trump’s deadline regarding the Strait of Hormuz. Optimism for a potential diplomatic truce is rapidly fading, causing U.S. stock futures to decline as market sentiment shifts negative. Bitcoin also retreated to $68,589, reflecting a broader reduction in risk appetite across global markets during the recent sessions. Investors remain focused on upcoming CPI inflation data and the next FOMC meeting to gauge the Federal Reserve's policy direction amid slipping Treasury yields. Market participants are also analyzing ISM manufacturing data to assess its impact on the central bank's dual mandate. Analyst Collin Martin from Charles Schwab warned that energy-driven inflation could persist through 2026, adding further pressure to global growth projections as the deadline looms.