Oil drops as Trump pauses Iran strikes, but stock traders nervous

Oil prices fell on Friday (March 27, 2026) after Donald Trump again pushed back a deadline for Iran to reopen the Strait of Hormuz, though most equities also dropped as traders shrugged at the news following a series of conflicting messaging from the White House.

The U.S. President had warned last Saturday he would obliterate the Islamic republic’s energy sites if it did not unblock the crucial waterway within 48 hours, but pushed that back five days citing positive peace talks, which Tehran denied had taken place.