US stocks came under renewed pressure as oil prices surged above $100 per barrel after the US-Iran conflict took another violent turn. The escalation intensified fears that disruption around the Strait of Hormuz could push inflation higher and complicate the US Federal Reserve's next interest-rate decision.
Wall Street had already suffered considerable losses in Tuesday's session. The Dow Jones Industrial Average fell 1.2%, or 628 points, to 52,786.07, while the S&P 500 dropped 0.6% to 7,673.52. The Nasdaq Composite declined 0.3% to 26,421.41.
