Stocks
Oil Price Surge Drives Stocks Down on Wall Street Amid Escalating Iran Conflict
Stocks on Wall Street fell Wednesday as oil prices surged back above $100 a barrel due to escalating tensions in the U.S. war with Iran.
The S&P 500 index dropped 0.5%, the Dow Jones Industrial Average plummeted 0.8%, and the Nasdaq composite gave up 0.6%.
Oil prices have been on a rollercoaster ride since the U.S. conflict with Iran began in February, and the latest jump was fueled by Tuesday's attacks between the two nations, which effectively shut down traffic in the Strait of Hormuz where a fifth of the world's oil supply passes through.
The price of Brent crude rose 3.4% to settle at $101.21 a barrel, its highest point since July. Exxon Mobil climbed 2.2%, and Chevron added 1.9% as energy companies notched gains.