Stocks mixed, oil holds above $100 after temporary lift on Russian energy sanctions

• National average gasoline prices surged to $3.63 per gallon, up more than 20% in the past month, as Brent crude topped $100 and Iranian officials warned prices could spike to $200 per barrel
• Iran's new supreme leader vowed to maintain the Strait of Hormuz blockade after US-Israeli strikes, with at least six foreign vessels reportedly attacked in under 48 hours
• The temporary Russian sanctions lift applies only to oil already in transit and will not provide significant financial benefit to Russia, lasting through April 11

Summary

US equity markets showed mixed performance Friday, with the Dow Jones up 141 points (+0.3%), the S&P 500 flat, and the Nasdaq down 0.1% as of 11:15 a.m. Markets reacted to a temporary lift on Russian energy sanctions and escalating tensions in Iran.

Energy Market Developments:

• Brent crude oil surpassed $100 per barrel after briefly dipping to $99
• West Texas Intermediate crude traded at $94.25
• US national average gasoline prices jumped to $3.63/gallon, up over 20% in the past month
• The White House announced a "narrowly tailored, short-term" sanctions pause on Russian energy through April 11, applying only to oil already in transit

Geopolitical Tensions:

Iran's blockade of the Strait of Hormuz—critical for 20% of global oil supply—continues despite the conflict. Iran's new supreme leader, Ayatollah Mojtaba Khamenei, vowed to maintain the blockade following US-Israeli strikes that killed his father. At least six foreign vessels have been attacked in under 48 hours, with US forces destroying several Iranian navy vessels.

Market Outlook:

Analysts warn oil prices could remain elevated even after conflict resolution due to infrastructure damage and production restart delays. Iranian officials threatened prices could spike to $200/barrel, though US Energy Secretary Chris Wright called this "unlikely." President Trump indicated the conflict could be prolonged despite declaring the war "won," with officials pledging to continue military operations until the Iranian regime falls.

The temporary sanctions relief aims to ease price pressures but provides limited financial benefit to Russia.