Commodities
Oil Price Spike Triggers Wall Street Sell-Off Amid US-Iran Tensions
Wall Street stocks plummeted on Wednesday as oil prices surged above $100 a barrel due to escalating tensions between the US and Iran.
The S&P 500 index dropped 0.3%, while the Dow Jones Industrial Average fell 407 points, or 0.8%, by 9:52 am Eastern time.
Nearly every sector within the benchmark S&P 500 lost ground, but oil companies bucked the trend, with Exxon Mobil rising 2.5% and Chevron up 2.3%.
The price of Brent crude, the international standard, rose 2.8% to $100.62 a barrel, marking its first time surpassing $100 since July.