Wall Street Mixed as Oil Prices Fall Amid Escalating Tensions with Iran
Stocks on Wall Street finished mixed on Friday after oil prices fell for the first time in a week, amidst rising concerns over escalating tensions between the US and Iran.
The S&P 500 barely budged, while the Dow Jones Industrial Average rose 235.60 points, or 0.5%, to 51,947.25. The Nasdaq, however, fell 161.87 points, or 0.6%, to 24,975.82.
Brent crude prices dropped 3.9% to $96.78 after rising the first four days of the week and moving above $100 on Thursday. This decline comes as heavy fighting in the Middle East threatens to slow global oil and gas supplies.
Theorodore Bunzel, head of geopolitical advisory at Lazard Asset Management, warned that 'if escalation continues and the Strait of Hormuz remains closed, the impact will land on an energy market with far less resilience than in the spring.'