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Price of Gas Central to Midterm Elections, Ipsos's Cliff Young
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March 30, 2026
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8:39Now PlayingJoe Mathieu and Kailey Leinz speak with Cliff Young, Ipsos US Public Affairs Chair and Professor at Texas A&M University’s Bush School of Government and Public Service.
Oil prices rose after President Donald Trump threatened attacks on Iran’s energy infrastructure, overshadowing his comments that a deal to end hostilities in the Middle East could be close.
West Texas Intermediate futures rose more than 3% to trade near $103 a barrel, while the most active June Brent futures climbed to trade above $107 a barrel.
Brent futures were volatile amid thin liquidity, with traders increasingly staying on the sidelines to avoid extreme headline-driven price swings. Front-month May futures fluctuated as investors closed out those positions ahead of the contract’s expiration on Tuesday — the price was near $112 a barrel. US equities fell Monday afternoon, extending a war-triggered selloff that spurred the longest weekly losing streak since 2022 amid fears of escalation after more American troops arrived in Iran.
The S&P 500 Index dropped 0.3% as of 2:43 p.m. in New York and the Nasdaq 100 Index lost 0.7%. The S&P 500 has slid more than 9% from its high on Jan. 27.
President Donald Trump said in a social media post that the US “is in serious discussions” with Iran to end military operations while repeating threats to destroy the country’s energy assets if the Strait of Hormuz isn’t reopened soon.
Investors also assessed mixed messaging from Federal Reserve Chair Jerome Powell. The US central bank chief said the Fed will reach its 2% inflation target, while stating it has little control over supply shocks such as the recent surge in energy prices from turmoil in the Middle East.
Treasuries rose as traders worried about economic growth, while Brent hit $115 a barrel earlier in the day. Energy stocks have rallied for 14 consecutive weeks, the longest winning streak in history.
Morgan Stanley’s Mike Wilson said evidence is building that the slide in stocks over the past five weeks “is getting closer to its ending stages,” suggestin Meantime, the trading desk at Goldman Sachs Group Inc. said signs of capitulation are starting to emerge among hedge funds, and the systematic community is running out of steam. It anticipates that CTAs will be buyers in every scenario over the next month.
The S&P 500 is on track for its worst month since 2022, while the the Nasdaq 100 is about trading 11% below its October record; on Friday, it pushed past the threshold that indicates a technical correction. The rout was spurred by concern that surging oil prices from war in the Middle East could choke off economic growth and reignite inflation.
The wreckage in Big Tech is flashing signs that have marked turning points for the group in the past. The Nasdaq 100 now trades at about 21 times projected 12-month earnings, just 1.7 points above that of the S&P. The last time the index’s valuation premium to the broader market w JPMorgan Chase & Co. strategists point to significant differences from 2022, when Russia’s invasion of Ukraine and Covid-19 disruptions contributed to inflation spiking to a 40-year high. Unlike then, central bank policy rates are elevated, wage data has been trending lower, and artificial intelligence makes deflation likelier than stagflation, they said.
“In terms of equity price moves, while markets are not pricing in a recession, it is not the case that complacency is rife,” a team led by Mislav Matejka wrote
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