Oil Shock Hits Stocks as Apple Readies Foldable iPhone Debut
Stock markets are experiencing a turbulent day as oil prices have surged to fresh highs, causing concerns about potential supply disruptions and persistent bottlenecks in the Persian Gulf.
The Dow Jones Industrial Average has fallen by 407 points, or 0.8%, to 52,379, while the S&P 500 dropped 22 points, or 0.3%, to 7,652. The Nasdaq slipped 84 points, or 0.3%, to 26,337.
The sharp move higher in oil prices has been driven by escalating tensions between the US and Iran, with Brent crude futures climbing above $100 per barrel for the first time since July and West Texas Intermediate crude approaching $95.
Meanwhile, Apple is expected to unveil its highly anticipated foldable iPhone, the iPhone Ultra, at an event scheduled to begin at 1pm ET. The device is expected to have a 5.3-inch outer display and a larger 7.7-inch inner screen, but will reportedly miss out on a telephoto lens found on most premium smartphones.
The phone's starting price is expected to be above $2,000, and it will launch in just two colors: black and white.