Stocks
Wall Street Stocks Plunge Amid Escalating Iran War Tensions
Stocks fell on Wall Street Wednesday as oil prices surged back above $100 a barrel amid escalating tensions in the U.S. war with Iran.
The S&P 500 index dropped 0.4%, while the Dow Jones Industrial Average fell 297 points, or 0.6%, to 2:01 p.m. Eastern time.
Oil companies like Exxon Mobil rose 2.5% and Chevron climbed 1.7% as investors bet on higher fuel prices due to disruptions in the Strait of Hormuz, where a fifth of the world's oil supply passes through.
The price of Brent crude, the international standard, jumped 3% to $100.87 a barrel, its highest point since July.