US Stocks Plummet as Iran Uncertainty Sends Oil Prices Soaring

US stocks closed mostly lower on Monday amid rising oil prices due to uncertainty over the conflict with Iran. The Dow Jones Industrial Average fell by 0.11%, or 60.95 points, to end the day at 53,975.98.

The S&P 500 slipped 0.06%, or 4.53 points, to 7,753.11, and the Nasdaq Composite lost 0.32%, or 85.26 points, to 26,605.36.

Intel dropped over 4% after announcing plans for a $15 billion common stock offering. Nvidia lost 2.8%, and Apple fell 1.5% as oil prices climbed sharply due to doubts over a near-term agreement to reopen the Strait of Hormuz.

US benchmark West Texas Intermediate crude settled 5.1% higher at $82.2 per barrel, while international benchmark Brent rose 5% to $87.7.