Commodities
US Stocks Plummet as Oil Prices Surge Amid Iran Tensions
Oil prices are back on the rise after a brief decline, causing concern for investors and adding to uncertainty in the global economy. The S&P 500 fell 0.5% as the Dow Jones Industrial Average dropped 329 points, or 0.6%. Brent crude oil rose by 1.5%, reaching $98.87 per barrel.
The increase in oil prices is largely attributed to ongoing tensions between the US and Iran. President Donald Trump's rejection of an offer from Iran to reopen the Strait of Hormuz has led to a surge in oil prices, which have more than doubled since late February.
The higher oil prices are also affecting inflation, with the average price for a gallon of regular gasoline reaching nearly $4.48. This has led to increased borrowing costs and pressure on the economy.