Stocks edge up, oil hovers around $100 after partial blockade begins
Despite start of military operations to intercept ships region, investors still expect U.S. and Iran to find an off-ramp.
Updated on: April 13, 2026 / 4:18 PM EDT / CBS News
Stocks steadily gained momentum on Monday despite the start of a U.S. military blockade of Iranian ports and the Strait of Hormuz.
While weekend negotiations between the U.S. and Iran failed to yield an agreement, Mark Luschini, chief investment strategist at Janney Montgomery Scott, told CBS News that investors assume the sides will soon find an off-ramp and avoid further escalation.
"I think investors realize that this is probably a little bit more brinkmanship than necessarily the start of a significant re-escalation of the war, given the fact that we're still theoretically in the midst of this two-week ceasefire in which negotiations still have a chance of coming back together," he said.
Stocks rebounded after opening in the red. The S&P 500 rose 31 points, or 0.4%, to 6,848 in afternoon trading. The Dow Jones Industrial Average added 71 points, or 0.1%, while the tech-heavy Nasdaq Composite gained 0.6%.
The price of Brent crude, the international benchmark, was up 6%, or $5.71, to $100.91 a barrel by midday Monday, while West Texas Intermediate, the U.S. benchmark, was up 4.6%, or $4.43, to $101 a barrel, according to Oilprice.com.