Oil Price Surge Sends Stocks Tumbling on Wall Street

Stocks on Wall Street declined Wednesday as oil prices rose above $100 per barrel due to the ongoing conflict between the US and Iran. The S&P 500 index fell 0.3%, while the Dow Jones Industrial Average dropped 327 points, or 0.6%. The Nasdaq composite lost 0.5%.

Amazon fell 1.8% and Starbucks declined 1.4%. Oil companies, however, experienced gains, with Exxon Mobil rising 2.6% and Chevron increasing by 2%. Brent crude, the international standard, reached $101.21 per barrel, marking its first time above $100 since July.

President Donald Trump stated that the Iran war will likely keep oil prices elevated until the US midterm elections in November. The conflict has significantly impacted global oil supplies, with the Strait of Hormuz effectively shut down. The price of Brent crude has risen 3.4% as a result.