US Equity Markets Lower as Crude Oil Prices Rise Again

04:11 PM EDT, 03/20/2026 (MT Newswires) -- US equity indexes closed lower on Friday as crude oil prices rose again, along with government bond yields, while expectations for a Fed rate hike increased.

* The US is considering plans to occupy Iran's Kharg Island, vital to its oil exports. The move is expected to pressure Iran to allow passage of oil tankers through the Strait of Hormuz, Axios reported Friday, citing people with knowledge of the matter.

* The Federal Reserve Bank of St. Louis now forecasts Q1 US GDP growth of 1.69%, down from an earlier estimate of a 2.05% gain.

* The expectations for an interest rate hike in April rose to 12.4% Friday from 6.2% a day earlier, according to CME's FedWatch tool.

* April West Texas Intermediate crude oil rose $2.67 to settle at $98.81 per barrel, while May Brent crude, the global benchmark, was last seen up $3.59 at $112.24.

* Occidental Petroleum (OXY) shares rose roughly 2% following an upgrade from JPMorgan, which raised the stock to neutral from underweight and increased the price target to $63 from $49.

* Super Micro Computer (SMCI) shares fell roughly 33% after the company placed two employees on administrative leave and terminated a contractor, following the indictment of all three by US prosecutors for allegedly conspiring to commit export-control violations.

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