Commodities
Oil Price Surge Sends Wall Street Stocks Plummeting Amid US-Iran Conflict Escalation
Stocks on Wall Street took a hit Wednesday as oil prices surged back above $100 a barrel, driven by escalating tensions in the US-Iran conflict.
The S&P 500 index fell 0.5%, with the Dow Jones Industrial Average plummeting 413 points, or 0.8%, to 12:07 p.m. Eastern time.
Retailers led the market lower, with Amazon and Starbucks each losing 2% of their value.
However, oil companies bucked the trend, with Exxon Mobil rising 1.7% and Chevron increasing by 1.4%.