Oil prices surge and stocks fall as Iran escalates shipping attacks [View all]

Source: abc news


Oil prices surged and stocks tumbled worldwide on Thursday as Iran escalated shipping attacks in a critical tanker route.

Global crude spiked above $100 a barrel on Thursday, crossing a key benchmark. The rise in oil prices defied a U.S. effort hours earlier to reassure markets with an announcement of the second-largest ever release from the nation's petroleum reserve.


A selloff hit Wall Street as traders feared economic fallout from a potentially prolonged bout of elevated oil prices.

The Dow Jones Industrial Average fell 620 points, or 1.3%, while the S&P 500 dropped 1.2%. The tech-heavy Nasdaq declined 1.6%.

Oil markets are suffering a major supply shortage due to an Iranian blockade of the Strait of Hormuz, a trading route that facilitates the transport of about one-fifth of the global oil supply.
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Read more: https://abcnews.com/Business/oil-prices-surge-stocks-fall-iran-escalates-shipping/story?id=130995443

BREAKING: High oil prices are now good…

Wtf

— Krassensteins (@krassenstein.bsky.social) 2026-03-12T13:58:05.116Z