Oil Prices Soar as US Strikes Iran, Apple Shares Jump
US stocks took a hit on Tuesday as new strikes against Iran sent oil prices soaring. The Dow Jones Industrial Average fell 0.79% to settle at 52,766.88, while the NASDAQ Composite dropped 1.03% to 26,099.77. The S&P 500 index also declined by 0.71% to 7,631.47.
The surge in oil prices was led by Brent Crude, which rose 2.17% to $96.71 per barrel, and West Texas Intermediate, which climbed 1.80% to $91.84 a barrel. The strikes against Iran were carried out by the US Central Command (CENTCOM) on September 1, targeting Iranian military targets including air defense sites, radar systems, maritime assets, and communications sites.
The Trump administration has been vocal about its stance on the situation, with President Donald Trump warning that any further retaliation from Iran would be met with even more severe consequences. In a separate development, Apple's shares rose 2.61% to $325.13 per share after John Ternus took over as CEO.