Stock market today: Oil prices jump again on worries about the Middle East as Wall Street fades
Crude prices jumped on worries about worsening tensions in the Middle East, while U.S. stocks pulled back further from their records
NEW YORK (AP) — Crude prices jumped Thursday on worries that worsening tensions in the Middle East could disrupt the global flow of oil, while U.S. stocks pulled back further from their records.
The S&P 500 fell 0.2% amid a shaky week that’s knocked the index off its all-time high set on Monday. The Dow Jones Industrial Average fell 184 points, or 0.4%, and the Nasdaq composite edged down by less than 0.1%.
Stocks sank as oil prices kept rising amid the world’s wait to see how Israel will respond to Iran’s missile attack from Tuesday. A barrel of Brent crude, the international standard, leaped 5% to settle at $77.62 after starting the week below $72. It’s potentially on track for its biggest weekly percentage gain in nearly two years.
Oil prices rose after President Joe Biden suggested on Thursday that U.S. and Israeli officials were discussing a possible strike by Israel against Iranian oil facilities.
