Live Updates: Vance seems to soften Iran nuclear demands, Rubio says Tehran has “lost control” of Strait of Hormuz

Updated on: October 7, 2026 / 8:02 AM EDT / CBS News

Oil prices rose on Wednesday and stocks fell amid fresh concerns about Middle East supplies following a warning that Iran appeared to be stepping up attacks in the Strait of Hormuz.

The retreat came as investors brushed off another record day on Wall Street, where the Nasdaq and S&P 500 were boosted by a rush back into the AI trade.

Confidence has been given a boost as reports said exports from the Middle East – excluding Iran – were pushing back towards pre-war levels. Brent crude oil, the global benchmark, fell below $100 a barrel, and West Texas Intermediate fell below $90, easing inflation concerns and giving central banks some room to hold off hiking interest rates.

However, both contracts rebounded on Tuesday as figures showed Tehran increased strikes on tankers in the crucial Strait of Hormuz. U.K. Maritime Trade Operations, a British navy maritime monitor, said there were nine attacks so far this month, representing half of the September total in the waterway and the Gulf combined.

Iran has "lost complete control" of the Strait of Hormuz, Secretary of State Marco Rubio said Wednesday, adding that Tehran's…

Original source: https://www.cbsnews.com/entertainment/