Oil jumps and Wall Street wavers after Trump vows to escalate attacks on Iran
Stocks on Wall Street wavered after President Donald Trump vowed to escalate attacks on Iran, causing oil prices to jump and sparking concerns about inflation. The S&P 500 fell 0.1% and the Dow Jones Industrial Average shed 87 points, as crude oil prices rose to nearly $114 a barrel.
Stocks on Wall Street were volatile after President Trump's address on Iran. The S&P 500 fell 0.1% and the Dow Jones Industrial Average shed 87 points. Oil prices jumped, with US crude rising to nearly $114 a barrel. The price increase is due to concerns about shipping traffic in the Strait of Hormuz. Airlines and travel companies were among the biggest losers, while energy companies gained ground. The surge in oil prices has added to inflation concerns, making it less likely for the Federal Reserve to cut interest rates.
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