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The Independent UK
The Independent UK
National
Stan Choe

Oil surges to highest price since 2023 and stocks drop as Iran war rages

Oil United States Economy Iran War
U.S. crude jumped 12.2% to $90.90 and topped $90 per barrel for the first time since the autumn of 2023 - (AFP via Getty Images)

Oil prices surged to their highest levels since 2023 due to the Iran war, coinciding with a weak update on the US labour market that highlighted the economy's precarious position.

The S&P 500 dropped 1% after oil prices spiked above $90 per barrel. The Dow Jones Industrial Average was down 425 points, or 0.9%, with roughly an hour remaining in trading, and the Nasdaq composite was 1.1% lower.

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