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US Stocks Slip Amid Volatile Oil Swings
(MENAFN) US equities ended mostly lower on Tuesday following a turbulent trading session, as investors responded to dramatic fluctuations in oil prices prompted by rapidly evolving news regarding the war with Iran.
The Dow declined 0.07%, or 34.29 points, closing at 47,706.51, while the S&P 500 slipped 0.21%, or 14.51 points, to finish at 6,781.48.
In contrast, the Nasdaq Composite inched up 0.01%, or 1.16 points, reaching 22,697.10.
The Volatility Index (VIX), frequently referred to as the “fear index,” decreased 2.24% to 24.93 as trading calmed after earlier market turmoil.
Markets experienced sharp swings as oil prices recorded one of their most dramatic intraday reversals in recent memory.
Global benchmark Brent crude briefly exceeded $100 per barrel earlier in the day, fueled by worries over supply interruptions tied to the Iran conflict and potential hazards to shipments through the Strait of Hormuz, a critical passage accounting for one-fifth of the world’s oil supply.
However, prices later tumbled as geopolitical tensions eased, following US President Donald Trump’s statement on Monday that the Iran war could conclude “very soon.”
Brent crude futures fell over 8% to approximately $89 per barrel, while US benchmark West Texas Intermediate (WTI) declined nearly 7% to around $87 per barrel, after both benchmarks had traded near $119 overnight—the highest levels since Russia’s 2022 invasion of Ukraine.
The Dow declined 0.07%, or 34.29 points, closing at 47,706.51, while the S&P 500 slipped 0.21%, or 14.51 points, to finish at 6,781.48.
In contrast, the Nasdaq Composite inched up 0.01%, or 1.16 points, reaching 22,697.10.
The Volatility Index (VIX), frequently referred to as the “fear index,” decreased 2.24% to 24.93 as trading calmed after earlier market turmoil.
Markets experienced sharp swings as oil prices recorded one of their most dramatic intraday reversals in recent memory.
Global benchmark Brent crude briefly exceeded $100 per barrel earlier in the day, fueled by worries over supply interruptions tied to the Iran conflict and potential hazards to shipments through the Strait of Hormuz, a critical passage accounting for one-fifth of the world’s oil supply.
However, prices later tumbled as geopolitical tensions eased, following US President Donald Trump’s statement on Monday that the Iran war could conclude “very soon.”
Brent crude futures fell over 8% to approximately $89 per barrel, while US benchmark West Texas Intermediate (WTI) declined nearly 7% to around $87 per barrel, after both benchmarks had traded near $119 overnight—the highest levels since Russia’s 2022 invasion of Ukraine.
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