US stocks tumble amid pricier oil, and fears of widening Iran conflict
Kartavya Desk Staff
US stock indices were spooked on Tuesday after President Donald Trump warned that the Iran conflict could go on for four weeks, or “even longer”. Wall Street witnessed a massive stock sell-off. The S&P 500, which tracks the top 500 leading companies listed in the US, fell over 1 per cent. The Dow Jones Industrial Average fell 907 points or nearly 2 per cent before recovering later in the day. The tech-heavy Nasdaq also slid more than 1 per cent till around 11 PM IST. ## Oil heats up as Iran conflict widens The turmoil in the Middle East saw oil prices jump after Iran warning that any ships trying to sail through the Straight of Hormuz would be attacked. Analysts worry that the war may heavily damage the global economy. Brent crude oil briefly rose above $85 a barrel. The US crude barrel price rose to $76.92, or 8%. Oil prices leapt as soon as Iran struck the US Embassy in Saudi Arabia. Iran also targeted critical areas such as oil and natural gas production. The US gasoline price overnight rose by 11 cents and was about $3.11 per gallon, as per motor club AAA. These overnight leaps affect energy-importing countries. South Korea’s Kospi stock plunged about 7.2 per cent, and Japan’s Nikkei 225 dropped 3.1 per cent. ## Airline stocks lose big Plagued by airspace closer and the prospect of higher aviation fuel costs, US airline stocks dropped. United Airlines was down 4.1%, while American Airlines and Delta Air Lines were trading 4 per cent and 3 per cent lower, respectively. The US Treasury yields also shot up amid unrest as investors braced for worsening inflation, pushing the 10-year yield up to 4.10%. The Treasury yield was around 4.05% on Monday and 3.97% on Friday. If the yield rates go up, everything from mortgages to bond issuance rates will go higher for US households and businesses. ## What is affecting the market? Soon after the killing of Iranian Supreme Leader Ayatollah Ali Khamenei, President Donald Trump said that fighting may continue for weeks. The continued attacks between the countries raise concerns, especially for market uncertainty around the world. The main concern surrounds the Strait of Hormuz. The Strait of Hormuz is one of the five oil passages in the world. The Express Global Desk at The Indian Express delivers authoritative, verified, and context-driven coverage of key international developments shaping global politics, policy, and migration trends. The desk focuses on stories with direct relevance for Indian and global audiences, combining breaking news with in-depth explainers and analysis. A major focus area of the desk is US immigration and visa policy, including developments related to student visas, work permits, permanent residency pathways, executive actions, and court rulings. The Global Desk also closely tracks Canada’s immigration, visa, and study policies, covering changes to study permits, post-study work options, permanent residence programmes, and regulatory updates affecting migrants and international students. All reporting from the Global Desk adheres to The Indian Express’ editorial standards, relying on official data, government notifications, court documents, and on-record sources. The desk prioritises clarity, accuracy, and accountability, ensuring readers can navigate complex global systems with confidence. Core Team The Express Global Desk is led by a team of experienced journalists and editors with deep expertise in international affairs and migration policy: Aniruddha Dhar – Senior Assistant Editor with extensive experience in global affairs, international politics, and editorial leadership. Nischai Vats – Deputy Copy Editor specialising in US politics, US visa and immigration policy, and policy-driven international coverage. Mashkoora Khan – Sub-editor focusing on global developments, with a strong emphasis on Canada visa, immigration, and study-related policy coverage. ... Read More