Commodities
Oil Prices Surge Past $100 Amid Iran Tensions
Stocks plummeted on Wall Street as oil prices surged past $100 a barrel following the escalation of the US war with Iran.
The S&P 500 index fell 0.5%, while the Dow Jones Industrial Average dropped 413 points, or 0.8%, to 12:07 p.m. Eastern time.
Retailers led the market lower, with Amazon and Starbucks falling 2.2% and 2% respectively.
However, oil companies bucked the trend, with Exxon Mobil rising 1.7% and Chevron increasing 1.4%.
The price of Brent crude, the international standard, jumped 3.4% to $101.24 a barrel, its first time above $100 since July.