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Market Turmoil: Stocks Drop as Oil Prices Surge Amid Iran Tensions

KVIA•Thursday, March 12, 2026 at 2:41 PM•CNN Newsource

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The ongoing conflict with Iran has led to a significant drop in US stock markets, with major indexes falling over 1% on Thursday. The Dow Jones Industrial Average decreased by 655 points, while oil prices skyrocketed, with US crude reaching $95.83 per barrel. This volatility follows a warning from Iran's new supreme leader, Mojtaba Khamenei, that the Strait of Hormuz will remain closed, exacerbating fears of energy supply disruptions. The International Energy Agency has noted that this conflict is causing unprecedented supply disruptions in the global oil market, which could lead to higher inflation and economic uncertainty. Investors are advised to monitor developments closely as the situation evolves.

Key Details: • Dow Jones fell 655 points, S&P 500 down 1.3%, Nasdaq down 1.66% • US crude oil prices surged 9.8% to $95.83 per barrel • Brent crude rose 9.3% to $100 per barrel • Strait of Hormuz closure affects 20% of global oil consumption • US Energy Secretary Chris Wright emphasized the need to reopen the strait

iran stock-market energy-crisis global-economy oil-prices

People & Organizations

Chris WrightInternational Energy AgencyStrait of HormuzMojtaba Khamenei

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