U.S. Stocks Have Their Biggest Drop Since Start of Iran War
US stocks experienced their largest daily decline since the start of the war with Iran, with the S&P 500 falling 1.7 percent on Thursday. The decline was driven by rising oil prices and concerns about the war's impact on the global economy.
The S&P 500 fell 1.7 percent on Thursday, its biggest daily decline since January. Oil prices rose sharply, with Brent crude increasing 5.7 percent to $108.01 a barrel. The war with Iran has halted shipping traffic through the Strait of Hormuz, a vital trading route for oil and natural gas. This has led to a spike in energy prices and concerns about lasting damage to the economy. The US government has given Iran a deadline to open the strait, which has been extended by 10 days. The conflict is also affecting bond yields, with the 10-year Treasury yield reaching its highest since July.
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