By Chelsey Dulaney

Oil prices retreated further and the Dow industrials advanced after the U.S. cleared the way for Iran to sell oil in dollars, including to American buyers.

The news adds to earlier investor optimism around peace talks between the two countries, even though negotiations got off to a rocky start this weekend after Iran declared the Strait of Hormuz closed.

The Dow industrials rose nearly 200 points, while the Nasdaq composite is down 1% on a choppy day for tech shares. SpaceX, which makes up about 5% of the Nasdaq, is down 10%, poised for its third straight decline. An even bigger Nasdaq component, Alphabet, is facing its worst day in more than a year, down about 5.5% amid concerns about its artificial-intelligence business.

Meanwhile, tributes are pouring in for Alan Greenspan, the former Federal Reserve chairman who died today at the age of 100. His legacy is as significant as ever: Fed Chairman Kevin Warsh has been studying the 1990s, when Greenspan adjusted monetary policy to a tech-driven productivity boom.

Last week, investors celebrated an interim U.S.-Iran pact, sending stocks higher and oil prices back down toward prewar levels. But the monthslong closure of Hormuz has already had a lasting effect on the economy by driving up inflation. U.S. 10-year Treasury yields climbed above 4.5%, as investors bet the Fed will raise rates this year to counter price pressures stoked by the war.

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(END) Dow Jones Newswires

June 22, 2026 14:06 ET (18:06 GMT)

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