Markets turn cautious as oil tops $96, Trump delays talks

Markets ended the day on a cautious note Thursday, April 23, 2026, after crude oil climbed above $96 per barrel and U.S. President Donald Trump postponed negotiations with Iran. Mr. Trump told reporters, “Don't rush me,” when asked about the timing of the talks. Iran has not confirmed who will attend, and U.S. forces continue a naval blockade of the Strait of Hormuz.

Global purchasing managers' indices released Thursday showed headline strength. U.S. manufacturing PMI reached a four-year high and U.S. services PMI printed 51.3, above a 50.3 forecast. Several market participants attributed much of the PMI strength to front-loaded pre-orders as firms stockpiled goods amid concerns over potential supply disruptions tied to the regional tensions.

Risk assets had rallied earlier in the week on the stronger-than-expected data and a stream of corporate earnings. On Thursday traders trimmed some of the heavy risk-on positions accumulated in prior sessions. West Texas Intermediate crude rose back above $96, and market participants noted that a move toward $100 per barrel could prompt additional profit-taking.

Currency markets showed a defensive shift. The U.S. dollar rebounded after finding support near the 98.00 level last Friday, placing pressure on other major currencies. Market commentary highlighted upcoming data that could affect foreign-exchange flows, including Japan's consumer price index and retail sales reports for the U.K. and Canada.

Investors are preparing for a busy 24 to 48 hours of economic releases and corporate reports, with several key earnings due on April 24. Traders will also monitor any new developments in the planned Iran negotiations over the weekend, as geopolitical updates and energy prices continue to influence market positioning.