Stocks fall as oil tops $100 amid escalating US-Iran war
NEW YORK — Stocks fell on Wall Street Wednesday as the price of crude oil rose above $100 a barrel amid further escalation in the U.S. war with Iran. The S&P 500 index fell 0.3 percent. The Dow Jones Industrial Average fell 407 points, or 0.8 percent, as of 9:52 a.m. Eastern time. The Nasdaq composite fell 0.4 percent. The losses were broad, with retailers among the companies leading the market…
Wall Street stocks experienced a decline on Wednesday as crude oil prices surged above $100 per barrel, reflecting the ongoing escalation in the U.S. conflict with Iran. The S&P 500 index dropped 0.3%, while the Dow Jones Industrial Average fell by 407 points, or 0.8%, as of 9:52 a.m. Eastern time. The Nasdaq composite also experienced a 0.4% decrease.
The market-wide losses were primarily driven by retailers, with Amazon and Starbucks reporting declines of 1.9% and 1.5%, respectively. Despite these overall losses, the oil sector saw gains, with Exxon Mobil and Chevron rising by 2.5% and 2.3%, respectively.
The significant price surge in oil was attributed to the U.S. destroying five Iranian tankers in a series of attacks between the two nations, which began in February. This conflict has effectively halted traffic in the critical Strait of Hormuz, through which a fifth of the world's oil supply passes. Brent crude, the international standard for oil prices, rose by 2.8% to $100.62 per barrel, marking the first time it had surpassed $100 since July.
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- Stocks fall as oil tops $100 amid escalating US-Iran war koreatimes.co.kr
