Oil prices resume their rise, but US stocks hold steadier this time around

NEW YORK (AP) — Oil prices are resuming their rise on Tuesday because of the war with Iran, but U.S. stocks are holding steadier this time around.

The S&P 500 rose 0.4% and added to its gain from the day before, which was its best since the war began. The Dow Jones Industrial Average was up 151 points, or 0.3%, as of 1:43 p.m. Eastern time, and the Nasdaq composite was 0.5% higher.

It’s a break, for now at least, from the usual playbook since the start of the war, where stock prices have tended to go in the opposite direction of oil prices. The fear in financial markets has been that a long-term disruption to the global flow of oil could send prices so high for so long that it damages the global economy.

On Tuesday, the price for a barrel of benchmark U.S. crude rose 1.8% to $95.20. Brent crude, the international standard, climbed 2.4% to $102.58. But they pared even bigger gains from earlier in the morning, and they're still below where they were at the end of last week.

Delta Air Lines also offered an encouraging signal about the strength of the economy after raising its forecast for revenue for the first three months of 2026. It said it’s seen demand to fly accelerate into March from both businesses and households.

And that looks to be enough to offset higher prices for jet fuel because of the spike in oil prices. Delta said it still expects to report a profit for the start of 2026 that’s in line with its earlier forecast.

Delta’s stock flew 7.2% higher, and it helped other airline stocks trim their own sharp losses for the year so far. United Airlines climbed 3.8%, and Southwest Airlines rose 3%.

American Airlines gained 4% after saying it's also likely to report stronger revenue growth for the start of this year than it had forecast earlier.

Another big winner was Uber Technologies, which rose 5.9% after announcing an expansion of its partnership with Nvidia. They plan to launch a fleet of autonomous vehicles using Nvidia’s technology, beginning with Los Angeles and San Francisco in the first half of next year.

Some beaten-down stocks in the financial industry, meanwhile, recovered losses from earlier in the year. That includes several swept up in worries about whether software businesses and others potentially under threat by AI-powered competitors will pay back all their loans. Blue Owl Capital gained 5.7%, and Ares Management rose 5.4%.

They helped offset a 3.2% drop for Cencora after the pharmaceutical sourcing and distribution services company said it's looking for a new chief financial officer because James Cleary will retire at the end of June.

The U.S. stock market has a track record of bouncing back relatively quickly from military conflicts in the Middle East and elsewhere, as long as oil prices don’t stay too high for too long. Many professional investors are expecting that to be the case again, which has helped keep U.S. stock prices near their record levels.

For all its dramatic swings over the last couple weeks, including several that struck hour to hour, the S&P 500 is less than 4% below its all-time high.

That's even as Treasury yields have climbed on expectations that higher oil prices will keep the Federal Reserve from resuming its cuts to interest rates for a while. Higher yields push downward on prices for stocks and all kinds of investments.

The yield on the 10-year Treasury eased to 4.19% from 4.23% late Monday, but it remains well above the 3.97% level it was at before the war with Iran began.

The Fed will make its next announcement on interest rates Wednesday afternoon, and traders see virtually no chance of a cut, according to data from CME Group.

Cuts to interest rates by the Fed would give the economy and job market a boost, and President Donald Trump has angrily been calling for them. But reductions would also worsen inflation.

In Australia, the central bank is actually raising interest rates. Citing higher fuel prices, the Reserve Bank of Australia made its first hike since November 2023.

In stock markets abroad, European indexes rose following a mixed finish in Asia. Indexes rose 0.8% in London and fell 0.9% in Shanghai for two of the world’s bigger moves.

AP Writers Matt Ott, Elaine Kurtenbach and Rod McGuirk contributed.

Philip Finale works on the floor at the New York Stock Exchange in New York, Tuesday, March 10, 2026. (AP Photo/Seth Wenig)

Traders work on the floor at the New York Stock Exchange in New York, Tuesday, March 10, 2026. (AP Photo/Seth Wenig)

Traders work on the floor at the New York Stock Exchange in New York, Tuesday, March 10, 2026. (AP Photo/Seth Wenig)

Screens display financial information on the floor at the New York Stock Exchange in New York, Tuesday, March 10, 2026. (AP Photo/Seth Wenig)

People stand in front of a stock price monitor showing Nikkei index at a security company Tuesday, March 17, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)

A person stands near a stock price monitor showing Nikkei 225 index at a security company Tuesday, March 17, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)

A person looks at a stock price monitor showing New York Dow and Nikkei indexes also US dollar Japanese yen exchange rate at a security company Tuesday, March 17, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)

A person walks near a stock price monitor showing Nikkei index at a security company Tuesday, March 17, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)

BRAZZAVILLE, Republic of Congo (AP) — The Republic of Congo ’s President Denis Sassou N’Guesso has been reelected for a fifth consecutive term, according to provisional results announced Tuesday by the authorities.

Sassou N’Guesso won 94,82% of the vote, Interior Minister Raymond Zephirin Mboulou announced on state television.

Six other candidates challenged the 82-year-old for the top job in the Central African country that boasts one of the largest oil reserves in sub-Saharan Africa.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

BRAZZAVILLE, Republic of Congo (AP) — Ballot counting began Sunday after polls closed in The Republic of Congo, where President Denis Sassou N’Guesso is seeking a fifth consecutive term. Results are expected within two weeks.

The elections were marked by a low turnout, as locals said they did not believe the election would result in a change in leadership from Sassou N’Guesso, who has ruled for 42 years. Opposition parties called for a boycott of the election.

Six other candidates challenged the 82-year-old for the top job in the Central African country that boasts one of the largest oil reserves in sub-Saharan Africa. But analysts say none of them can mount a significant challenge against the incumbent.

The internet was shut down across the country as usual during the presidential election and traffic was restricted across the capital.

“Everyone knows that, faced with his six inexperienced opponents, President Denis Sassou-Nguesso will be reelected with a high score as usual. Since the election is not a big issue, we shouldn’t cut off communication,” Clarisse Massamba, a teacher who voted at the Lycée Javoueh in Brazzaville, told The Associated Press.

The campaign period showed a vast mismatch between Sassou N’Guesso and his opponents, with the incumbent being the only candidate to travel around the country to canvass for votes. Roads in the capital city, Brazzaville, were paved with Sassou N’Guesso's effigies.

Two other major parties boycotted the elections over allegations of unfair electoral practices.

Sassou N’Guesso, running for the Congolese Party of Labor, first came to power in 1979 and ruled until 1992 when he organized the country's first multi-party elections. He returned to power as a militia leader following a four-month civil war in 1997.

A constitutional referendum in 2015 removed presidential age and term limits, allowing him to run again.

The country is struggling with high international debt, which stands at 94.5% of its gross domestic product, according to the World Bank, and skyrocketing unemployment rates for young people. More than half the country’s 5.7 million population lives in poverty and 47% of the country’s population is under 18.

The election is the latest in a trend of octogenarian African leaders clinging to power. Sassou N’Guesso is the third-longest-serving African president, only behind Cameroon ’s Paul Biya and Equatorial Guinea ’s Teodoro Obiang Nguema Mbasogo.

This story has been corrected to spell Sassou N'Guesso's first name as Denis, not Dennis.

Voters check for their names at a polling station in Brazzaville, the Republic of Congo, Sunday, March 15, 2026. (AP Photo/Vivace Mambouana)

A voter cast his ballot at a polling station in Brazzaville, the Republic of Congo, Sunday, March 15, 2026. (AP Photo/Vivace Mambouana)

An election official check for the name of a voter in a register at a polling station in Brazzaville, the Republic of Congo, Sunday, March 15, 2026. (AP Photo/Vivace Mambouana)

President of the Republic of Congo, Denis Sassou N'Guesso casts his ballot at a polling station in Brazzaville, the Republic of Congo, Sunday, March 15, 2026. (AP Photo/Vivace Mambouana)

FILE - President of Congo Denis Sassou N'Guesso looks on during a ceremony at the Elysee Palace in Paris, on May 23, 2025. Thomas Samson/ Pool Photo via AP, FILE)