01:47 PM EDT, 04/02/2026 (MT Newswires) -- US benchmark equity indexes fell intraday, while oil prices soared as President Donald Trump's remarks on the Iran war dimmed the prospects of an immediate de-escalation.

The Dow Jones Industrial Average was down 0.3% at 46,436.2 after midday Thursday, while the S&P 500 and the Nasdaq Composite fell 0.1% each to 6,569.5 and 21,822.1, respectively. Among sectors, consumer discretionary saw the steepest decline, while real estate paced the gainers.

The US equity market will be closed April 3 for the Good Friday holiday.

West Texas Intermediate crude oil jumped 11% to $110.87 a barrel intraday Thursday, while Brent increased 6.5% to $107.74.

Trump said late Wednesday that the US was close to achieving its military objectives, but would hit Iran "extremely hard over the next two to three weeks." Tehran, in response, warned of a "more crushing" blow, CNN reported.

"Oil reversed hard higher after Trump's address disappointed hopes for a near-term end to the war," Saxo Bank said in a report. "Traders refocused on supply risk, tanker insecurity, and the absence of any clear reopening path for the Strait of Hormuz."

In a social media post Thursday, Trump urged Iran to "make a deal before it is too late."

Iran and Oman are working toward a protocol to "monitor transit" through the Strait of Hormuz, a crucial oil-shipping route, CNBC reported, citing Iranian state news agency IRNA.

"Even if shipping through the Strait of Hormuz resumes, a return to pre-war market conditions is likely to be slow, as upstream production restarts, logistics normalization and inventory rebuilding will take time," ING Bank said in a report.

US Treasury yields were lower intraday, with the 10-year rate down 1.4 basis points at 4.31% and the two-year falling one basis point to 3.79%.

In economic news, US job cuts increased sequentially in March as companies looked to prioritize artificial intelligence investments, Challenger Gray & Christmas said.

Separately, the Department of Labor reported that weekly applications for unemployment insurance in the US declined to its lowest level since the week ended Jan. 10.

"It is more likely than not that there will be limited fallout from the conflict in Iran and the resultant increase in energy prices," Jefferies said in a note. "We do not expect a broad increase in layoffs, but things can change quickly and this remains an area to watch."

The Bureau of Labor Statistics is expected to report Friday that the US economy added 65,000 nonfarm jobs last month, following a reduction of 92,000 in February, according to a Bloomberg-compiled survey.

In company news, Tesla's (TSLA) first-quarter deliveries missed Wall Street's estimates as Wedbush Securities flagged a challenging demand environment for the electric vehicle maker. Its shares were down 4.2% intraday, the second-worst performer on the S&P 500.

Acuity (AYI) posted fiscal second-quarter earnings above market estimates amid an improvement in margins, while revenue fell short. The lighting and building management solution provider's shares were down 6.1% intraday.

Ciena (CIEN) was the top gainer on the S&P 500, up 8%, as Citic Securities initiated the networking system and software company's stock at buy.

Gold was down 2.5% at $4,674.10 per troy ounce, while silver decreased 4.3% to $72.82 per ounce.