US Stock Market Highlights: US stocks turned lower on Thursday as the rebound from the previous session faded, with oil prices surging above $80 per barrel after Iran said it struck an oil tanker with a missile, triggering fresh concerns about the economic fallout from the conflict.
The Dow Jones Industrial Average fell over 780 points, or 1.6%, while the S&P 500 declined 0.6% and the Nasdaq Composite slipped 0.3%. The sell-off was led by companies such as Boeing and Caterpillar, which are considered more exposed to a potential slowdown in global economic activity.
Oil prices jumped sharply after Iran said it had struck an oil tanker with a missile. West Texas Intermediate crude futures surged more than 8% during the session to cross $80 per barrel — their highest level since July 2024 — before settling at $81.01 a barrel. International benchmark Brent crude also climbed, ending roughly 5% higher at $85.41 per barrel.
The spike in crude drove sharp market swings during the session. The Dow dropped roughly 1,000 points around the time oil crossed the $80 mark, with the S&P 500 and Nasdaq also trading near their session lows after briefly moving into positive territory earlier in the day.
Oil prices had steadied in the previous session, helping the Dow gain more than 200 points on Wednesday. Even so, crude remains sharply higher this week, with WTI up about 20% and Brent roughly 17%.
