The Dow Jones Industrial Average dropped 784 points, or 1.61%, to 47,954|Carlos Delgado|Carlos Delgado
Global markets, including US stocks, fell sharply on Thursday as the Middle East conflict continued, pushing up oil prices and raising investor concerns about inflation.
The Dow Jones Industrial Average dropped 784 points, or 1.61%, to 47,954. The S&P 500 fell 0.56% to 6,830, while the Nasdaq Composite slipped 0.26% to 22,748.
Oil prices surged amid concerns about supply disruptions. US crude oil jumped 8.5% to just above $81 per barrel, its biggest daily gain since May 2020.
Brent crude rose nearly 5% to $85.41 per barrel.
Prices have climbed more than 20% this week amid concerns over shipping through the Strait of Hormuz, a vital route that carries about 20% of the world’s oil supply.
Airline stocks fell 5%, as higher oil prices increased fuel costs.
Meanwhile, technology stocks also moved slightly higher after strong forecasts for artificial intelligence chips.
Investors are also watching economic data to see if the Federal Reserve will cut interest rates this year.