Brent oil prices surged to their highest level since May due to increased fighting in the Middle East, which threatens to disrupt global crude supplies.
The S&P 500 index fell by 1.2% and is on track for its first back-to-back weekly loss since March.
The Dow Jones Industrial Average dropped 506 points, or 1%, with Alphabet and Tesla contributing significantly to the decline in the US stock market.
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