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Iran War Drives Energy Spike, Firms Pass Costs, Stocks Rise

5/12/2026

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Summary

Story summary

The war with Iran that began on Feb. 28 has pushed energy costs to their highest since July 2022.
48% of firms are passing cost increases to customers, 16% plan price hikes, and a quarter will cut hiring.
President Donald Trump claimed “record business” at a House event after which Brent crude fell to $104.21 per barrel.
U.S. stock indexes reached near-record highs, with the S&P 500 at 7,412.84, the Dow at 49,704.47 and Nasdaq at 26,274.13.

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Story summary

The war with Iran that began on Feb. 28 has pushed energy costs to their highest since July 2022.
48% of firms are passing cost increases to customers, 16% plan price hikes, and a quarter will cut hiring.
President Donald Trump claimed “record business” at a House event after which Brent crude fell to $104.21 per barrel.
U.S. stock indexes reached near-record highs, with the S&P 500 at 7,412.84, the Dow at 49,704.47 and Nasdaq at 26,274.13.