US stocks open flat after Trump's comments calm nerves

• West Texas Intermediate crude fell 6% to around $89 per barrel and Brent declined 7% to approximately $92 per barrel after sharp gains earlier in the week
• Trump stated US military objectives in Iran were 'very complete, pretty much' and indicated progress was faster than his initial four-to-five-week estimate
• Analysts warn oil prices could spike above $120 per barrel if supply disruptions continue, while G7 energy ministers discussed potential strategic oil reserve releases

US Stocks Open Flat as Iran Conflict and Oil Volatility Drive Markets

Market Performance:

US equities traded mostly flat on Tuesday, March 10, 2026, with the Dow Jones down 0.1%, the S&P 500 near unchanged, and the Nasdaq gaining 0.2%. Markets responded to easing geopolitical tensions and a sharp pullback in oil prices.

Oil Market Movements:

Crude prices retreated significantly from earlier highs, with West Texas Intermediate falling 6% to approximately $89/barrel and Brent crude declining 7% to around $92/barrel. Despite the pullback, prices remain elevated near $90, reflecting ongoing supply uncertainty.

Geopolitical Developments:

President Trump indicated military operations in Iran were "nearing completion," progressing faster than his initial four-to-five-week estimate. Defense Secretary Pete Hegseth confirmed Tuesday would be "the most intense day of strikes inside Iran." However, Iran's parliamentary speaker stated the country was not seeking a ceasefire. Trump also mentioned considering control of the Strait of Hormuz, a critical global oil shipping route.

Policy Response:

G7 energy ministers were scheduled to meet virtually Tuesday to discuss potential strategic oil reserve releases to stabilize energy markets. International Energy Agency director Fatih Birol acknowledged the conflict was "creating significant and growing risks for the market."

Market Outlook:

Analysts warn of significant upside risk to oil prices. Paul Gooden of Ninety One projected oil could surge above $120/barrel if supply disruptions persist. Saudi Aramco CEO Amin Nasser cautioned about "catastrophic consequences" for global oil markets if the conflict continues. Analysts note that sustained high prices would eventually trigger demand destruction through reduced consumption and behavioral changes.