Oil Price Surge Sparks Stocks Selloff Amid US-Iran Tensions

Stocks on Wall Street took a hit on Wednesday as oil prices surged above $100 a barrel amid escalating tensions between the US and Iran. The S&P 500 index fell 0.3%, while the Dow Jones Industrial Average dropped 311 points, or 0.6%. The losses were widespread, with retailers leading the decline.

The jump in oil prices was driven by ongoing conflicts between the two nations, which have essentially shut down traffic in the Strait of Hormuz, a critical trade route that accounts for one-fifth of the world's oil supply.

Exxon Mobil and Chevron bucked the trend, rising 1.9% and 1.6%, respectively. The price of Brent crude, the international standard, rose 3.3% to $101.18 a barrel, marking its first time above $100 since July.