Stocks Surge as Oil Plummets from $120 to Sub-$90, Easing Inflation Fears

U.S. equities reversed early losses and closed higher after crude oil prices collapsed from a peak near $120 per barrel to below $90, signaling a sharp shift in global energy markets. The move boosted investor sentiment and lifted major indices, with tech and consumer discretionary sectors leading the rally.

• Oil prices fell from $119.80 to below $89.50 in under three days
• S&P 500 reversed a 1.2% morning loss to close up 0.9%
• Nasdaq Composite rose 1.4%, with AAPL gaining 2.1%
• Exxon Mobil and Chevron declined 3.6% and 3.1% on oil price collapse
• VIX dropped 12.3% as market volatility eased
• Geopolitical de-escalation and OPEC+ output adjustments cited as key drivers