Oil Price Surge Sinks Tech Stocks, Sends Markets Lower

The Dow Jones Industrial Average fell by 1.2% on Tuesday as oil prices surged and technology stocks declined.

The price of crude oil rose 2.5% to $93.72 per barrel, following a weekend attack on Saudi Arabian oil facilities by Houthi rebels in Yemen.

This led to increased concerns about inflation, which may prompt the Federal Reserve to raise interest rates at its upcoming meeting.

NVIDIA, Apple, and Microsoft were among the technology stocks that declined 2%, 1.2%, and 1.2% respectively.

Other notable decliners included Circle, Strategy, Robinhood, and Coinbase, which fell 5.8%, 4.4%, 3.9%, and 3.1% respectively due to the decline in cryptocurrency prices.