U.S. markets post 5th straight weekly loss amid Iran war uncertainty
US stocks have posted their fifth straight weekly loss amid uncertainty over the war with Iran, with the S&P 500 falling 1.7% to close its worst week since the conflict began. The Dow Jones Industrial Average lost 793 points, or 1.7%, and the Nasdaq composite sank 2.1%, as oil prices eased initially but then resumed their climb.
US stocks deepened their drops on Friday, finishing off a fifth straight losing week. The S&P 500 fell 1.7% and the Dow Jones Industrial Average lost 793 points, or 1.7%. The Nasdaq composite sank 2.1%. Oil prices eased after President Donald Trump extended a deadline for Iran to allow oil tankers to exit the Persian Gulf. However, prices resumed their climb as trading moved from Asia to Europe and back to Wall Street. The fear is that the war will disrupt the Persian Gulf's energy industry, leading to inflation and higher prices. The price for a barrel of Brent crude oil climbed 3.4% to settle at $105.32.
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