Oil prices retreated Friday after hitting a four-year high, with Brent crude falling more than 2% to around $108 a barrel. The pullback came a day after Brent briefly crossed $120 as peace talks between the United States and Iran remained uncertain. West Texas Intermediate crude slipped to approximately $101 a barrel, down over 3%.

Drivers faced continued pain at the pump, with gasoline climbing to a national average of $4.39 a gallon—the largest single-day jump since early March. Prices have surged nearly 50% since the conflict began on Feb. 28. Diesel climbed to $5.57, up almost $2 per gallon from the start of the war.

President Trump has maintained the U.S. blockade in the Strait of Hormuz will continue until Tehran gives up its nuclear program. The S&P 500 rose about 0.8% in early trading. Energy executives suggested the disruption would reshape the industry.

Exxon Mobil CEO Darren Woods said countries would "reassess their energy security" and work to replenish inventories once the Strait reopens. Chevron CEO Michael Wirth noted it's early to draw firm conclusions about long-term changes to the energy system.