Another climb for oil prices shook stock markets, as hopes collapsed for a possible cut to interest rates this year by the Federal Reserve.

Markets seem to have taken the latest escalations in stride.

The S&P 500 fell 0.6% and was on track for its first loss this week. The Dow was down 380 points, or 0.8%, as of 12:55 pm ET.

Another climb for oil prices shook stock markets, as hopes collapsed for a possible cut to interest rates this year by the Federal Reserve.