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Stocks Reverse Early Losses, Oil Prices Surge | Closing Bell
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April 2, 2026
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10:37Now PlayingWatch comprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Katie Greifeld, Carol Massar and Tim Stenovec.
Stocks reversed sharp declines to close higher, as investors monitored fresh developments around the Strait of Hormuz and the war in the Middle East. Oil prices held onto hefty gains.
The S&P 500 Index closed up 0.1% after tumbling earlier in the session. The Nasdaq 100 ended 0.1% higher, also rebounding from a deep loss. West Texas Intermediate was up 12% at around $112 per barrel.
Iran is drafting a protocol with Oman to monitor traffic through the Strait of Hormuz, having effectively shut it down since the start of the war, state-run IRNA reported. That would require shippers to pay tolls to the Islamic Republic, Iran Deputy Foreign Minister Kazem Gharibabadi said in an interview with Sputnik.
The passage is officially international waters and any attempt by Iran to assert control over traffic would be opposed by Western powers and Gulf Arab states.
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