Dow tumbles nearly 800 points and oil surges as Iran conflict spills beyond the Middle East | CNN Business

U.S. stocks fell sharply and oil prices surged as fears of a prolonged conflict with Iran intensified market volatility.
The episode shows how global security shocks can rapidly reprice risk across U.S. financial markets without any intervening domestic policy action.
Households and businesses face higher energy costs and greater economic uncertainty as oil supply disruption risk concentrates around the Strait of Hormuz.

<p>U.S. markets declined as volatility increased amid concerns about a prolonged war with Iran. The Dow Jones Industrial Average closed down 785 points (1.61%) after falling more than 1,100 points earlier in the session, with some recovery in afternoon trading. The S&P 500 fell 0.56%, and the Nasdaq declined 0.26% after paring earlier losses.</p><p>Oil prices rose sharply. U.S. crude jumped 8.5% to just over $81 per barrel, the largest single-day gain since May 2020. Brent crude increased 4.93% to $85.41 per barrel. For the week, U.S. crude and Brent gained more than 20% and 17%, respectively.</p><p>Market concern focused on potential disruptions to oil flows through the Strait of Hormuz, a narrow waterway off Iran’s coast through which about 20% of global oil consumption typically passes each day.</p>