{"id":61323,"date":"2026-04-27T11:38:31","date_gmt":"2026-04-27T15:38:31","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/oil-spikes-as-trump-convenes-situation-room-amid-hormuz-crisis-and-stalled-iran-talks\/61323\/"},"modified":"2026-04-27T11:38:31","modified_gmt":"2026-04-27T15:38:31","slug":"oil-spikes-as-trump-convenes-situation-room-amid-hormuz-crisis-and-stalled-iran-talks","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/oil-spikes-as-trump-convenes-situation-room-amid-hormuz-crisis-and-stalled-iran-talks\/61323\/","title":{"rendered":"Oil Spikes as Trump Convenes Situation Room Amid Hormuz Crisis and Stalled Iran Talks"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>Heating oil prices surged 5%<\/strong> to a two-week high as the <strong>Strait of Hormuz<\/strong> remains gridlocked for a ninth week, driving global energy supply fears.<\/li>\n<li><strong>President Trump<\/strong> has convened an emergency <strong>Situation Room meeting<\/strong> following his decision to cancel high-level diplomatic talks in Pakistan.<\/li>\n<li><strong>Secretary of State Marco Rubio<\/strong> declared that the U.S. &quot;cannot tolerate&quot; Iran&#39;s attempts to normalize control over the <strong>Strait of Hormuz<\/strong>, calling the maritime blockade a violation of international law.<\/li>\n<li><strong>Iran\u2019s Foreign Minister<\/strong> claimed the U.S. requested new negotiations after failing to achieve its military objectives, even as Tehran seeks <strong>Russian support<\/strong> in St. Petersburg.<\/li>\n<li><strong>U.S. manufacturing activity<\/strong> in the Dallas region unexpectedly contracted to <strong>-2.3 in April<\/strong>, missing estimates of <strong>0.9<\/strong> and highlighting the economic toll of the ongoing Middle East conflict.<\/li>\n<\/ul>\n<p><strong>Energy markets reacted sharply<\/strong> on Monday as U.S. heating oil futures climbed <strong>5%<\/strong>, reaching their highest level in two weeks. The spike comes as the <strong>Strait of Hormuz<\/strong> remains largely impassable for the ninth consecutive week, a result of the ongoing conflict between the U.S., Israel, and Iran. Major energy firms like Exxon Mobil (<a href=\"\/stock\/XOM\">XOM<\/a>) and Chevron (<a href=\"\/stock\/CVX\">CVX<\/a>) are being closely watched as <em>crude futures continue to trend upward<\/em> amid the supply crunch.<\/p>\n<p><strong>President Trump<\/strong> is scheduled to hold a high-stakes meeting in the <strong>White House Situation Room<\/strong> today to discuss the deteriorating situation. This follows the President&#39;s weekend decision to cancel a diplomatic mission to Pakistan by envoys <strong>Steve Witkoff<\/strong> and <strong>Jared Kushner<\/strong>. Trump told Fox News that the U.S. &quot;holds all the cards&quot; and suggested that Iranian leadership should &quot;call him&quot; if they are serious about ending the two-month-old war.<\/p>\n<p><strong>Secretary of State Marco Rubio<\/strong> intensified the administration&#39;s rhetoric, stating that the U.S. will not allow Iran to &quot;normalize control&quot; of the <strong>Strait of Hormuz<\/strong>. Rubio characterized Iranian attempts to charge tolls or block commercial traffic as &quot;terrorist activity&quot; against international shipping. While the U.S. has maintained a naval blockade of Iranian ports, Rubio emphasized that <em>the free flow of international waters remains a non-negotiable global priority<\/em>.<\/p>\n<p>In a counter-narrative, Iranian Foreign Minister <strong>Abbas Araghchi<\/strong> announced from Russia that the Trump administration had requested negotiations. Araghchi claimed the request was a result of the U.S. failing to meet its strategic goals through military force. Following a meeting with Russian Foreign Minister <strong>Sergey Lavrov<\/strong>, which Russia described as &quot;useful,&quot; Araghchi indicated that Tehran is currently reviewing the U.S. request while maintaining its &quot;red lines&quot; regarding national sovereignty.<\/p>\n<p><strong>Tensions are also escalating<\/strong> on the Israel-Lebanon front, where Israeli Foreign Minister <strong>Gideon Sa&#39;ar<\/strong> accused <strong>Hezbollah<\/strong> of systematically violating the current ceasefire. Sa&#39;ar claimed the group has launched approximately <strong>10,000 projectiles<\/strong> at Israel since early March, often using <strong>UNIFIL<\/strong> positions as cover. Meanwhile, reports from Israeli security sources suggest a &quot;significant divide&quot; has emerged within the <strong>Shin Bet<\/strong>, with a sharp crisis reported between the agency&#39;s chief and various brigade leaders over the conduct of the war.<\/p>\n<p>The economic impact of the conflict is becoming increasingly visible in domestic data. The <strong>Dallas Fed Manufacturing Activity<\/strong> index for April fell to <strong>-2.3<\/strong>, a sharp miss from the <strong>0.9 expansion<\/strong> analysts had expected. This contraction reflects growing uncertainty and &quot;demand destruction&quot; as high energy costs begin to weigh on industrial output. In the aviation sector, United Airlines (<a href=\"\/stock\/UAL\">UAL<\/a>) has already begun reducing planned growth by <strong>5%<\/strong> due to soaring fuel prices and supply chain disruptions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Heating oil prices surged 5% to a two-week high as the Strait of Hormuz remains gridlocked for a 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