US stocks fell on Wednesday as oil surged after President Trump declared that the memorandum of understanding between the US and Iran was “over,” raising the likelihood of a re-escalation in the Middle East war.
The Dow Jones Industrial Average fell 1.2%, or more than 600 points, while the S&P 500 dropped 0.6%. The tech-weighted Nasdaq Composite slipped 0.5% following a down day for US markets.
Markets are digesting a sharp escalation in US-Iran tensions after American forces carried out a “series of powerful strikes” against Iran late Tuesday in response to attacks on three commercial vessels in the Strait of Hormuz.
President Trump, speaking in Ankara ahead of a NATO summit, stated that the US-Iran ceasefire agreement was over amid the flare-up in hostilities. “As far as I’m concerned, it’s just a waste of time dealing with them,” Trump said of Iran.
Yahoo Finance
