Stocks slump as Iran war sends oil prices surging above $100 a barrel

March 9, 2026

TL;DR

U.S. stocks tumbled as oil prices exceeded $100 a barrel.
The S&P 500, Dow Jones Industrial Average, and Nasdaq Composite all slid significantly.
Financial markets have been volatile since the war in the Middle East began.
Oil prices rose due to shipping disruptions through the Strait of Hormuz, which accounts for 20% of global oil supply.
The average U.S. gas price increased to $3.48.
Economists warn of potential stagflation if shipping through the Strait of Hormuz does not resume freely.

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