US Stocks Plummet as Oil Prices Soar Above $100 a Barrel

Stocks on Wall Street fell sharply on Wednesday as oil prices surged back above $100 a barrel due to escalating tensions in the US war with Iran.

The Dow Jones Industrial Average dropped 0.8%, or 405 points, to 52,380.66, while the S&P 500 index fell 0.5% to 7,636.36, and the Nasdaq composite lost 0.6% to close at 26,253.34.

The losses were broad, with retailers like Amazon, Starbucks, and Home Depot pulling the market lower, while energy companies like Exxon Mobil and Chevron rose as oil prices climbed.

Oil prices have been driven higher by the US conflict with Iran, which has effectively shut down traffic in the Strait of Hormuz, a key shipping route for crude oil.