Stocks slump as Iran war sends oil prices surging above $100 a barrel
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U.S. stocks tumbled in early trading on Monday after oil prices topped $100 a barrel over the weekend and the war in Iran showed no signs of abating. Edited by Alain Sherter In:
U.S. stocks tumbled in early trading on Monday after oil prices topped $100 a barrel over the weekend and the war in Iran showed no signs of abating.
The S&P 500 slid 88 points, or 1.3%, to 6,652 in early trading, while the Dow Jones Industrial Average plunged 632 points, or 1.3%, to 46,870. The Nasdaq Composite fell 1.3%.
Financial markets have been extremely volatile since the war in the Middle East started last week. The turbulence continued into Monday, after oil surpassed $100 for the first time since 2022, when Russia's invasion of Ukraine pushed up global energy prices.
Brent crude, the international standard, on Monday hit $102, while West Texas Intermediate, the U.S. benchmark, reached $99.49 per barrel, according to FactSet. Higher energy prices are leading Americans to pay more at the pump and renewing fears of inflation.
Oil prices are higher because shipping through the Strait of Hormuz, a vital waterway for oil tankers, is at a near standstill. About 20% of the world's oil supply flows through the Strait. That supply hit is affecting motorists around the world and risks affecting a range of other industries, from agriculture to petrochemicals, according to economists.
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