United States oil prices soared again to reach the highest levels since 2024 and stocks crumble at the opening bell as the war with Iran escalates.
A senior commander from Iran’s Revolutionary Guards said Iran has closed the Strait of Hormuz and warned that any vessel attempting to transit the waterway would be targeted, Iranian media reported. About a fifth of the world's oil travels through the Strait of Hormuz.
Meanwhile, there's no indication of an immediate resolution. Secretary of State Marco Rubio predicted "the hardest hits are yet to come" against Iran, just days after joint U.S.-Israel strikes killed top Iranian officials and prompted retaliation against Israel and missile attacks at Arab nations with U.S. bases across the Middle East.
"The next phase will be even more punishing on Iran than it is right now," Rubio told reporters on March 2 without elaborating. "The hardest hits are yet to come from the U.S. military."
At 10:06 a.m. ET, West Texas oil was up 7.97% at $76.91 per barrel. The blue-chip Dow slid 2.19%, or 1,069.90 points, to 47,834.88 while the broad S&P 500 index dropped 2.02%, or 139.05 points, to 6,742.57 and the tech-heavy Nasdaq slumped 2.11%, or 480.409 points, to 22,268.449.
