Oil Price Surge Sends North American Markets into Free Fall

Stock markets in Canada and the US plummeted on Wednesday due to rising oil prices amid ongoing fighting in the Middle East. Étienne Bergeron, an economist at iA Financial Group, attributed the negative sentiment to the war in Iran and its escalation over the past few days.

The S&P/TSX composite index dropped 415.92 points to 35,333.78. The Dow Jones industrial average fell by 1,153.18 points to 51,594.14, while the S&P 500 index declined by 112.63 points to 7,316.15.

The West Texas Intermediate crude oil contract for September rose $5.20 to $84.46 per barrel. Brent crude oil prices surged 7.3% to settle at $88.09 per barrel.