Oil Price Surge Pushes Wall Street Stocks Down Amid US-Iran Tensions
Wall Street closed out August on a downbeat note as stocks fell and oil prices rose after the US launched its first military action in a month against Iran.
The S&P 500 index dropped 0.3%, while the Dow Jones Industrial Average plummeted 0.7% and the Nasdaq composite slipped 0.1%. Energy stocks, however, notched gains with Exxon Mobil rising 2.7% and Chevron increasing by 2.1%.
Amazon fell 2.5% after a report that the Federal Trade Commission and over 20 states are preparing to sue the online retail giant for allegedly manipulating prices on its platform.
The US war with Iran remains a key focus for Wall Street, with the country striking Iranian rocket launchers on the Strait of Hormuz on Sunday.
Oil prices remain high after an initial surge earlier in the war, which has curtailed traffic in the strategic waterway and made everything from gasoline to shipped goods more expensive. The price of Brent crude rose 2.7% to settle at $90.49 per barrel on Monday.