The S&P 500 Index ($SPX) (SPY) today is down -0.88%, the Dow Jones Industrial Average ($DOWI) (DIA) is down -1.06%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -1.03%. March E-mini S&P futures (ESH26) are down -0.97%, and March E-mini Nasdaq futures (NQH26) are down -1.10%.
Stocks are under pressure today as crude oil prices keep rising amid widening disruptions to production and transport in the Middle East. WTI crude oil prices are up more than +8% today after Iraq suspended oil terminal activity following an attack by Iran on two tankers. Oman also temporarily evacuated a key oil export hub at Mina Al Fahal, and Iran escalated attacks on Dubai. Crude prices extended their gains today on comments from Iran’s Supreme Leader Ayatollah Mojtaba Khamenei, who said that Iran’s leverage of closing the Strait of Hormuz should be used and attacks on Gulf Arab neighbors will continue.
