U.S. Stocks Plunge as Middle East Tensions Fuel Oil Price Surge

U.S. stocks plummeted on July 23 as tensions in the Middle East escalated and crude oil prices surged, fueling inflation fears.

The Dow Jones Industrial Average dropped 506 points (0.97%) to close at 51,711.65, while the S&P 500 fell 1.21% to 7,408.30.

Escalating tensions between the U.S. and Iran contributed to a surge in crude oil prices, with Brent futures reaching $100.69 per barrel for the first time since May 26.

The attack by Yemen's Houthi rebels on two Saudi oil tankers earlier in the day further fueled supply concerns and investor anxiety.