Nasdaq reaches all-time high and oil falls to $100 as Trump considers Iran talks

Wall Street rally driven by technology sector

US equities advanced on Monday, September 21, 2026, supported by gains in technology shares and a fourth consecutive decline in crude oil prices. The Nasdaq Composite rose 2.26% to close at an all-time high of 27,122.09 points, while the S&P 500 gained 1.49% to 7,764.70 and the Dow Jones Industrial Average added 0.71% to reach 52,048.83 points. The small-cap Russell 2000 index also increased 0.59% to 2,876.83 points. Semiconductor and artificial intelligence companies led the upward movement, with Advanced Micro Devices gaining up to 10% during the trading session to reach a $1 trillion market capitalization. Intel rose 11%, Qualcomm added 8%, and Meta gained nearly 12% following the deployment of its Muse personal AI agent. In media acquisitions, Warner Bros Discovery gained nearly 11% following reports that Paramount Skydance reached a settlement with California and other states over its $110 billion takeover bid, while Paramount shares fell 2.94%.

Energy markets ease on adaptive shipping routes

Benchmark crude oil prices dropped to their lowest closing levels since September 8 on easing supply concerns and logistics adjustments in the Persian Gulf. November Brent crude contracts on the ICE exchange fell 3.4% to settle at $100.34 per barrel, marking a 7.7% drop across four consecutive sessions. US crude fell 4% to just above $95 per barrel, while European Dutch TTF natural gas prices declined 2.9% to €77.20 per megawatt-hour. Shipping data showed Persian Gulf energy producers adapting to security risks in the Strait of Hormuz by expanding ship-to-ship transfer operations in the Gulf of Oman. According to energy analytics firm Kpler, ship-to-ship transfers averaged 2.5 million barrels per day in September, up from 1.4 million in August, contributing to overall Persian Gulf maritime export volumes of 6.5 million barrels daily.

Diplomatic possibilities ahead of UN assembly

The market movements coincided with diplomatic announcements ahead of the United Nations General Assembly in New York. President Donald Trump stated in a Fox News interview on Monday that he was open to meeting Iranian President Masoud Pezeshkian during the assembly session. Arne Lohmann Rasmussen, chief analyst at A/S Global Risk Management, commented on the shifting commodity market environment.

Perhaps the greatest pressure exerted on the oil market is beginning to weaken.

The potential diplomatic opening followed weekend hostilities, including drone and missile attacks launched by Iran-backed Houthi forces against Saudi Arabia. US Central Command commander Admiral Brad Cooper stated that oil and liquefied natural gas transits through the Strait of Hormuz reached a six-month high over the preceding two weeks. Meanwhile, US and Chinese officials reported constructive talks on artificial intelligence and trade ahead of an upcoming bilateral summit between Trump and Chinese President Xi Jinping.

Economic pressures mount in Washington and Tehran

The conflict that began on February 28, 2026, continues to exert economic strain on both the United States and Iran. A four-day Reuters/Ipsos poll completed on September 20 showed Trump's public approval rating for handling the cost of living fell to 32%, with overall job approval at 35%. Among Republican respondents, 51% disapproved of his management of living costs compared to 44% who approved. In Iran, year-on-year inflation reached 69% in August, while the national currency weakened to approximately 2.3 million rials per US dollar on the open market, compared to 1.5 million in January. Commonwealth Bank of Australia commodities analyst Vivek Dhar outlined the ongoing tightness in global energy reserves.

We currently estimate that oil markets have between 5 and 10 weeks left before global inventories of crude and oil products are depleted, whereas two weeks ago forecasts indicated a period of 15 to 20 weeks.

International Monetary Fund forecasts released in July projected that Iran's gross domestic product will contract by 5.4% over the full year.