US markets drop amid soaring oil prices

The US stocks slipped as crude oil prices surged higher amid increased tensions in the Middle East, weighing on stock and bond markets. The U.S. military said it was carrying out strikes on Iranian targets on Tuesday, after Iran attempted attacks on commercial ships and fired missiles at American bases. Brent crude futures rose 4% above $94 a barrel. The move pressured bonds and pulled equities lower.The Dow Jones Industrial Average dropped 419.02 points, or 0.79%, to end at 52,766.88. The S&P 500 declined 0.71% to 7,631.47, while the Nasdaq Composite pulled back 1.03% and closed at 26,099.77.

Powered by Capital Market - Live News