Stock markets slumped and oil closed above $100 a barrel for the first time since 2022 as the war spooked investors.
The S&P 500 fell 1.5% Thursday, its worst single-day performance of the war so far, while a key European index fell 0.6%. Asian markets were hit particularly hard; a monthslong rally brutally ended in South Korea, where industry is heavily reliant on raw materials sourced from the Middle East. US gas prices rose for a 12th straight day.
The White House “significantly underestimated” Iran’s willingness to close the Strait of Hormuz, CNN reported, and although Washington has pledged to start escorting tankers, it is “not ready” to do so yet, the Treasury secretary said.
