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Commodities

S&P 500 Tumbles Amid Oil Price Surge and Middle East Tensions

Guavy AI Editorial Team
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Oil
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The S&P 500 index fell by 1.2% on July 23 as oil prices surged past $100 a barrel due to escalating Middle East tensions.

Brent crude oil prices rose by 4.7% to reach $100.60 per barrel after President Donald Trump threatened military action against Iran and Yemen's Houthi militant group claimed attacks on two Saudi oil tankers in the Red Sea.

The market decline reflected a divergence between energy stocks, which surged, and broader equities, which stumbled as investors weighed the economic impact of higher crude prices. American Airlines dropped by 7.4% after warning that rising jet fuel costs could push it to losses for the year.

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