Traders work on the floor of the New York Stock Exchange on March 5, 2026.
Brendan McDiarmid | Reuters
Stocks resumed their decline on Thursday after a one-day hiatus as U.S. crude oil soared above $80 a barrel and concerns about a war with Iran reignited.
of Dow Jones Industrial Average It fell 784.67 points (1.61%) to 47,954.74. of S&P500 It fell 0.56% to 6,830.71. Nasdaq Composite It fell 0.26% to 22,748.99. The decline in stocks was led by boeing, caterpillar Other businesses that stand to lose the most if the global economy slows down.
As crude oil prices soared, West Texas Intermediate Crude Oil Futures In the afternoon, prices rose above $80 per barrel, the highest since July 2024, after Iran announced it had hit an oil tanker with a missile. Prices rose more than 8% to $81.01 per barrel. international benchmark brent crude oil futures It settled almost 5% higher at $85.41 per barrel.
Crude oil price movements caused significant market fluctuations throughout the trading period. The Dow 30 fell 1,000 points at the exact moment oil prices reached the $80 per barrel mark. The index had fallen more than 1,100 points (about 2.4%) since its bottom. The S&P 500 and Nasdaq also traded near the lows of the session after hovering just above flatline at the day’s highs. At their lows, they each fell about 1.4%.
Both WTI crude oil futures and Brent futures prices were stable over the previous trading day, with the Dow Jones Industrial Average rising more than 200 points on Wednesday. Still, WTI crude oil is up more than 20% this week, and Brent crude is up almost 18%. Both posted their biggest weekly gains since March 2022.
US crude oil, 5 days
Iranian Foreign Minister Abbas Araghchi said on Thursday that Iran was “not asking for a ceasefire” with the United States and Israel, adding: “I see no reason to negotiate.”
CFRA Research’s Sam Stovall said investors are now wondering if the U.S. is biting off more than it can chew, as uncertainty around the conflict increases.
“Can President (Donald) Trump really escort all the ships that can pass through (the Strait of Hormuz)?” said the chief investment strategist. “What responsibility are we going to place on ourselves? How will that impact our debt levels? Investors are basically saying whatever is going on right now is not good.”
Fears of disruption to regional oil and gas supplies were put to rest after President Trump said on Tuesday that the United States is preparing to provide risk insurance and escort for ships in the Persian Gulf to ensure safe passage through the Strait of Hormuz.
To be sure, the White House will not say when the strait, which provides about 20% of the world’s oil supply, will be safe for oil tankers.
Secretary of Defense Pete Hegseth said in a briefing with reporters Wednesday that the United States is “decisively winning” the conflict with Iran and more troops are arriving in the region. Separately, Treasury Secretary Scott Bessent said President Trump’s recently announced 15% global tariffs are likely to go into effect this week.
Berkshire Hathaway Shares rose more than 2% on the trading day, a bright spot after the conglomerate said it had resumed share buybacks for the first time since 2024. CEO Greg Abel also purchased $15 million worth of stock himself.
