US Stocks Plunge as Oil Prices Surge Amid Middle East Tensions

Stocks on Wall Street closed broadly lower on Tuesday as oil prices rose and bond yields increased, stoking concerns about stubbornly high inflation.

The S&P 500 index fell by 0.7%, while the Dow Jones Industrial Average dropped 0.8% and the Nasdaq composite slid 1%. This marks the third day in a row that major indexes have lost ground.

The increase in oil prices, driven by another round of US military strikes on Iran, has added to market volatility.