Why aren’t rising oil prices significantly dragging down Wall Street despite geopolitical tensions with Iran?

Wall Street isn’t very worried because major U.S. stocks are hanging near record highs, supported by strength from market heavyweights—especially Nvidia, which rose 4.8% on AI product updates—and a wave of strong corporate earnings, such as SAIC’s 12.8% jump after beating profit expectations and raising forecasts; meanwhile, investors hold hope that a U.S.-Iran agreement will reopen the Strait of Hormuz and ease oil supply constraints.

What role does Nvidia play in sustaining the S&P 500’s record levels, and why is its influence so outsized?

Nvidia is the largest company by market value in the U.S. stock market, meaning its stock movements carry more weight on the S&P 500 than any other; its 4.8% rise—driven by CEO Jensen Huang’s announcement that its next-generation AI platform Vera Rubin is ramping into full production—helped calm investor concerns about delays and directly buoyed the broader index.

Oil Prices Rise, But Not by Enough to Drag Wall Street Far Off Its Records

Jun 2, 2026

Oil prices surged 6.7% to $97.22 per barrel amid U.S.-Iran tensions, yet major U.S. stock indices remained near record highs driven by tech giants like Nvidia despite inflation concerns.

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