Commodities
US Stocks Slide Amid Escalating Oil Prices and Iran Tensions
Stocks on Wall Street declined Wednesday as oil prices surged above $100 a barrel due to escalating tensions between the US and Iran.
The S&P 500 index fell 0.4%, while the Dow Jones Industrial Average dropped 297 points, or 0.6%, by 2:01 p.m. Eastern time.
Oil prices were a major driver of market action, with Brent crude rising 3% to $100.87 a barrel, its highest point since July.
The conflict between the US and Iran has led to a significant increase in oil prices, fueling already high inflation rates in the US.
Gasoline prices have risen by about 32% from last year to $4.22 per gallon, while diesel prices have reached an all-time high of $5.94 overnight.