Commodities
Dow Plunges 419 Points as Oil Prices Soar and Iran Tensions Escalate
The Dow Jones Industrial Average plummeted by 419 points on Tuesday as rising oil prices and concerns over renewed fighting in Iran sent bond yields soaring. The S&P 500 and Nasdaq also fell, with the latter dropping 1%.
Oil prices jumped after President Trump announced a fresh wave of strikes against Iran, pushing Brent crude futures up 5% to $95 a barrel. West Texas Intermediate rose 5.3% to $90.33, while national average gasoline prices remained above $4 a gallon.
The US 10-year Treasury yield surged to 4.796%, its highest level since January 2025, while the 30-year Treasury yield reached 5.286%, near the 19-year highs it hit last month.