US Stocks Slide Amid Oil Price Surge and Iran Uncertainty
US stocks closed mostly lower on Monday as oil prices surged amid uncertainty over the conflict with Iran. The Dow Jones Industrial Average fell 0.11%, or 60.95 points, to end the day at 53,975.98.
The S&P 500 slipped 0.06% and the Nasdaq Composite lost 0.32%. Semiconductor shares came under pressure, with Intel dropping over 4% after announcing a $15 billion common stock offering. Nvidia lost 2.8%, and Apple fell 1.5%.
Oil prices climbed sharply as doubts grew over a near-term agreement to reopen the Strait of Hormuz. US benchmark West Texas Intermediate crude settled 5.1% higher at $82.2 per barrel, while international benchmark Brent rose 5% to $87.7.
The uncertainty surrounding diplomatic efforts between the US and Iran weighed on European stock markets as well. The STOXX Europe 600 edged up 0.03%, but Britain's FTSE 100 declined 0.35%.