Dow Jones Industrial Average falls as oil surges on Middle East fears
Updated
Updated · CNBC · May 4
Dow Jones Industrial Average falls as oil surges on Middle East fears
17 articles · Updated · CNBC · May 4
The Dow closed down 557.37 points at 48,941.90, while the S&P 500 fell 0.41% and Nasdaq 0.19%; Brent settled at $114.44 and WTI at $106.42.
Markets reacted after the UAE said it intercepted missiles fired from Iran, while conflicting reports emerged over a US warship near Jask and shipping disruption around the Strait of Hormuz.
Trump announced a "Project Freedom" effort to help non-belligerent cargo ships leave the strait, but investors remain wary despite recent record highs driven by earnings and earlier hopes for US-Iran talks.
How is Iran earning more from oil now than before the U.S. blockade began?
Can U.S. naval power overcome Iran's effective, low-cost drone and missile strategy in the Strait of Hormuz?
With 20,000 seafarers trapped, who is responsible for the growing humanitarian crisis in the Persian Gulf?