Oil Surge Drives Stock Market Drop
Montreal News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Wall Street stocks plummeted on Thursday due to surging oil prices, driven by the U.S.-Israeli conflict with Iran. The S&P 500, Dow Jones, and Nasdaq all dropped, with airlines hit hardest. Benchmark U.S. crude jumped to $81.11 per barrel, and Brent crude rose to $85.41. Gas prices at the pump climbed 9% to $3.25 per gallon. Asian indexes rebounded, but Europe slid. Investors urge calm, noting stocks often recover quickly from Middle East tensions. Big tech and oil producers cushioned losses, keeping the S&P 500 down just 0.7% for the week. All eyes are on the Strait of Hormuz, through which a fifth of global oil flows.
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