Commodities
Oil Price Surge to $101.21 Triggers Market Sell-Off
Stocks on Wall Street fell sharply Wednesday amid rising tensions between the US and Iran.
The S&P 500 index declined by 0.3%, while the Dow Jones Industrial Average dropped 327 points, or 0.6%. The Nasdaq composite fell 0.5% in a broad market downturn.
Oil prices played a major role in the decline, surging back above $100 a barrel for the first time since July. Brent crude rose 3.4% to settle at $101.21 per barrel.
The price increase is largely attributed to the ongoing conflict between the US and Iran, which has severely impacted oil supply through the Strait of Hormuz. President Donald Trump noted that the Iran war will likely keep oil prices elevated until November's US midterm elections.