Wall Street Stocks Plummet Amid Escalating Iran Conflict

Stocks on Wall Street fell Wednesday as oil prices rose above $100 a barrel amid further escalation in the U.S. war with Iran.

The S&P 500 index dropped 0.5%, while the Dow Jones Industrial Average plummeted 346 points, or 0.7%, by 12:45 p.m. Eastern time.

Oil companies bucked the trend, however, with Exxon Mobil rising 1.8% and Chevron increasing 1.4%. Brent crude prices jumped 3.2% to $101.09 a barrel, surpassing the $100 mark for the first time since July.

The conflict between the U.S. and Iran has effectively shut down traffic in the Strait of Hormuz, where nearly a fifth of the world's oil supply passes through.