Oil briefly falls below $100 and stocks rebound as Trump pushes allies to secure the Strait of Hormuz

Oil prices briefly fell below $100 a barrel Monday and U.S. stocks climbed as President Donald Trump intensified pressure on other countries to protect shipping in the Strait of Hormuz.

Brent crude was still hovering around $100 a barrel Monday afternoon, and West Texas Intermediate crude futures had dropped more than 4% to trade under $95 a barrel. The Dow Jones Industrial Average was up almost 400 points in afternoon trading, while the S&P 500 and the Nasdaq $NDAQ had both gained more than 1%.

The brief respite came as Trump said his administration plans to identify soon which countries will join U.S.-led efforts to protect shipping in the Strait of Hormuz, which carries about one‑fifth of global crude supplies. He criticized allies unwilling to participate, saying some had benefited from U.S. military protection for decades without contributing to regional security.

“You mean for 40 years we’re protecting you and you don’t want to get involved in something that’s very minor?” Trump said during a news conference, in remarks reported by The New York Times.

Brent had briefly topped $105 earlier in the day before retreating.

Treasury Secretary Scott Bessent told CNBC that the U.S. is allowing Iranian tankers to pass through the strait to maintain global supplies. He said oil flows through the region should improve even before a formal naval escort mission begins. His comments echoed earlier that the U.S. had already permitted Iranian shipments to continue.

The Wall Street Journal reports that U.S. allies have hesitated to commit to Trump’s tanker protection plan, which comes after strikes on Iran’s Kharg Island that avoided damaging oil facilities but deepened regional strain. Trump said he may reconsider targeting those facilities if Iran continues to obstruct tanker traffic.

Energy Secretary Chris Wright said gasoline prices could stay elevated for several more weeks, while major central banks, including the Federal Reserve and European Central Bank, prepare to meet on interest rates this week. Wright previously said the Iran conflict could end within weeks, but offered no assurances that oil prices would fall afterward.

Trump pressed the Federal Reserve to hold an immediate meeting and lower rates, telling supporters the central bank should act “right now.”

The moderate decline in oil prices as Monday went on came after weeks of war‑driven volatility that pushed both Brent and WTI above $100 for the first time in four years.