Oil cost, tech losses weigh Wall Street | Northwest Arkansas Democrat-Gazette

Oil price jumps intensified pressure on Wall Street, pulling major indexes into their worst loss in a month. On Thursday, the S&P 500 fell 1.2%, the Dow Jones Industrial Average dropped 506 points (1%), and the Nasdaq Composite slid 2.2%. Brent crude jumped 7% to settle at $100.69 per barrel, reaching $102 intraday, the highest since May for the most active contract. The move was linked to attacks on two Saudi oil tankers in the Red Sea, threatening an oil route used alongside the Strait of Hormuz. The potential for further escalation, including Donald Trump’s threat of “major military punishment” against Iran-backed Houthi rebels, also weighed on markets. Higher fuel costs hit airline stocks: American Airlines shares fell 8.4% and Southwest fell 6.2%, despite reporting stronger profit and revenue than expected.