Stocks
Oil Price Spike Sends Stocks Tumbling Amid Iran Conflict
Stocks on Wall Street fell for the third day in a row as tensions between the US and Iran escalated, driving oil prices back above $100 a barrel.
The S&P 500 index dropped 0.5%, while the Dow Jones Industrial Average and Nasdaq composite gave up 0.8% and 0.6%, respectively.
Oil companies like Exxon Mobil and Chevron rose as energy stocks gained, but losses were broad across other sectors, with retailers Amazon, Starbucks, and Home Depot leading the decline.
The conflict in the Strait of Hormuz has severely impacted oil supply, with Brent crude prices rising 3.4% to $101.21 a barrel, its highest point since July.