US Military Strikes Send Oil Prices Soaring

The S&P 500 index fell 0.7% as investors reacted to rising oil prices following another round of U.S. military strikes on Iran, which has stoked worries about stubbornly high inflation.

The Dow Jones Industrial Average dropped 456 points, or 0.9%, as of 1:26 p.m. Eastern time, while the Nasdaq composite fell 1%.

Oil prices have been rising due to tensions in the Middle East, and this latest increase has added to investors' concerns about inflation.