Oil Price Surge Triggers Market Volatility Amid Mideast Tensions

US stocks in New York opened mixed on August 8 due to rising tensions in the Middle East and surging international oil prices.

The Dow Jones Industrial Average dropped 303.8 points (0.57%) from the previous session to 53,110.45, while the Standard & Poor's 500 slipped 0.8 point (0.01%) to 7,717.81 for a flat start.

The tech-heavy Nasdaq composite began the session up 21.6 points (0.08%) at 26,528.571, but market volatility was expected to increase due to concerns over disruptions to Middle East crude supply.

The Iran-aligned Houthi rebels attacked energy facilities in Saudi Arabia, causing Brent crude prices to rise 1.5% to $98.48 a barrel and West Texas Intermediate (WTI) to climb 2.5% to $93.79, the highest level since July.