EDITORS/NEWS DIRECTORS:

The U.S. stock market is holding steadier Tuesday as Wall Street waits for the next signal on when the war with Iran may end.

Oil prices, meanwhile, continued to fall further below where they were late Monday. Spikes there have been rocking financial markets worldwide because of worries that the war could block the global flow of oil and natural gas for a long time.

The price for a barrel of Brent crude, the international standard, was sitting at $82.90. That’s down 16.2% from its settlement price the day before, though much of that decline happened before the U.S. stock market finished trading on Monday. That’s why the drop did not give much of a boost to U.S. stocks Tuesday.

A barrel of benchmark U.S. crude was also shifting lower from where it was late Monday, at $80.34.

Oil prices plunged Monday afternoon from a high of nearly $120 per barrel, its most expensive level since 2022, after President Donald Trump told CBS News he thinks “the war is very complete, pretty much.” That raised hopes that the war may end sooner than later, which could allow oil to flow freely again from the Middle East to customers around the world.

But Trump’s comments later Monday, after the U.S. stock market finished trading, were not as clear. And a spokesperson for Iran’s paramilitary Revolutionary Guard said that “Iran will determine when the war ends.” Iran launched new attacks Tuesday at Israel and Gulf Arab countries, keeping pressure on the Middle East in a war started by Israel and the United States.

That has Wall Street waiting for the next clue about how long the war may last.

One point where Trump remained clear was his desire to keep the Strait of Hormuz open. The war has effectively blocked much of the waterway off Iran’s coast, where a fifth of the world’s oil sails on a typical day. That’s been a central reason for oil prices’ extreme swings recently, which have dominated other financial markets and raised worries about the global economy.

The International Energy Association said it will hold a meeting on Tuesday to discuss whether the 32 countries that are members should release some of their oil stockpiles to push downward on the price of oil.

The U.S. stock market has a history of bouncing back relatively quickly from past military conflicts, as long as oil prices don’t stay too high for too long. Uncertainty about whether that may happen this time around has led to stunning swings up and down for markets worldwide, often hour-to-hour.

If oil prices do stay high for long, household budgets already stretched by high inflation could break under the pressure. Companies would see their own bills jump for fuel and to stock items on their store shelves or in their data warehouses. It all raises the possibility of a worst-case scenario for the global economy, “stagflation,” where growth stagnates and inflation remains high.

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READ AP’S COVERAGE

US stocks hold steadier as Wall Street waits for the next signal on how long war with Iran may last

In a time of war with Iran, Americans unite in aggravation over sticker shock at the gas pump

How the Iran war and surging oil prices are affecting consumers at the gas pump and beyond

US stocks erase a big early loss and rise after oil prices whip from nearly $120 back below $90 (from Monday)

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HOW TO LOCALIZE THIS STORY

AAA publishes daily, weekly, monthly and annual average gas prices at the national and state level.

Consider photographing posted prices at gas stations in your area to illustrate the story, and returning in the coming days and weeks to capture prices if / as they rise.

Ask people at the pump if they’ve noticed an increase at the gas stations they frequent. How do they feel about it? Have they been following news about the Iran war? How do they feel about the impact on fuel prices now and possibly going forward? Do they think the change in prices might impact their behavior in any way — like altering driving habits, for example, or looking at their budget overall?

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ATTACHED IMAGES FROM CALIFORNIA, INDIANA, MICHIGAN, OREGAN, TEXAS

We’ve attached AP photos taken March 8 and 9 from several U.S. communities:

California: Los Angeles, San Ardo

Indiana: Zionsville

Michigan: Southfield

Oregon: Portland

Texas: Arlington, Garland, Mansfield

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EMBED THIS GRAPHIC

This AP digital embed graph shows average daily U.S. price for regular unleaded gas since the start of 2022. This map is current as of March 7, 2026. Sources: AAA

Click for a preview.

To embed, insert this code into your CMS:

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READ PREVIOUS AP COVERAGE

The price of a gallon of gas spiked overnight in the U.S., and drivers overseas are filling up tanks

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