With no clear end in sight, the war with Iran sent oil prices back to $100 per barrel on Thursday, and stocks sank worldwide.
The S&P 500 fell 1.5% and resumed its sharp swings following a couple days of relative calm. The Dow Jones Industrial Average dropped 739 points, or 1.6%, and the Nasdaq composite lost 1.8%.
The center of action was again the oil market, where the price of a barrel of Brent crude, the international standard, climbed 9.2% to settle at $100.46. Worries are worsening that the war could block the production of oil in the Persian Gulf for a long time and cause a debilitating surge of inflation for the global economy.
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