U.S. stocks rise as Hormuz Strait remains closed

U.S. stock markets extended their gains on Thursday, April 9, 2026, as crude oil prices rebounded after a sharp decline, with the Hormuz Strait still blocked. Investor demand for equities was supported by hopes that a fragile two-week ceasefire between the United States and Iran can hold.

At the close, the S&P 500 rose 0.62% to 6,824.66. The Nasdaq Composite gained 0.83% to 22,822.42. The Dow Jones Industrial Average climbed 275.88 points, or 0.58%, to 48,185.8. With the rally, the Dow turned positive for the year, up 0.25%.

Oil rebounds but Hormuz remains blocked

After a drop of about 16% and 13% on Wednesday, WTI and Brent crude rose again on Thursday. WTI futures in New York closed up more than 3% at $97.87 a barrel. Brent futures in London rose more than 1% to $95.92 a barrel.

During the session, WTI briefly rose above $100 a barrel as Iran had not opened the Hormuz Strait, but it later pulled back below that level after Israeli Prime Minister Benjamin Netanyahu said he wants direct talks with Lebanon. The outlook in the Middle East remains uncertain, keeping pressure on the risk of a breakdown in the U.S.-Iran ceasefire.

Ceasefire test: shipping restrictions and limited passage

On Wednesday, Israel continued to strike targets in Lebanon, a country Iran says should be encompassed in the ceasefire. On Thursday, ADNOC’s CEO said ships remain restricted through Hormuz, and Iran stated that only vessels granted permission by its forces may pass.

Satellite data from shipping-tracking firms showed that since the U.S.-Iran ceasefire was announced, only one tanker and five dry-bulk ships have passed through Hormuz—far fewer than the roughly 140 ships that pass through daily under normal conditions.

Inflation data adds caution despite market support

The stock rally also came despite inflation data indicating persistent high inflation in the world’s largest economy. A Commerce Department report showed the personal consumption expenditures (PCE) price index rose 2.8% in February year over year, while core PCE rose 3%. Both measures were in line with forecasts and suggest inflation remains sticky above the Fed’s 2% target.

The data reflect conditions before the war and do not yet include the sharp oil price surge in March, raising the possibility that March inflation could accelerate and reinforce expectations that the Federal Reserve will keep rates unchanged this year.

What to watch next and market outlook

On Friday, investors are set to receive another inflation reading: the March Consumer Price Index (CPI), which will reflect higher energy prices in the month.

“As long as the ceasefire persists, investors still believe this can be resolved in the long run,” said Rick Wedell, Chief Investment Officer at RFG Advisory, in an interview with CNBC. He added that the longer the blockade lasts, the harder it will be to reopen Hormuz and the more persistent the supply shock will be.

Corporate support: Meta shares rise

Market gains also received support from a 2.6% rise in Meta Platforms after the company unveiled a new AI model.