What happened to Brent crude and U.S. fuel prices as the Iran war escalated?

Brent crude rose 2.8 percent to $100.62 a barrel, its first time above $100 since July. U.S. gasoline prices were about $4.22 per gallon, 32 percent higher than a year earlier, and diesel reached $5.94 overnight.

Which stocks and sectors moved opposite to the broader market on Wednesday?

Oil companies gained while most sectors fell, with Exxon Mobil up 2.5 percent and Chevron up 2.3 percent. Among the decliners, Amazon fell 1.9 percent and Starbucks fell 1.5 percent, and nearly every S&P 500 sector lost ground.

Stocks fall as oil tops $100 amid escalating US-Iran war

Q: Why did Wall Street stocks fall as oil topped $100 in the U.S.-Iran war?

Oil prices drove much of the selling because the conflict has shut down traffic in the Strait of Hormuz, where a fifth of the world’s oil supply passed before the war began. Higher fuel prices also added to inflation pressure and raised shipping costs.

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Summary

Stocks fell on Wall Street Wednesday as crude oil rose above $100 a barrel amid further escalation in the U.S. war with Iran. The S&P 500 fell 0.3 percent, the Dow Jones Industrial Average fell 407 points, and the Nasdaq composite fell 0.4 percent. Brent crude rose 2.8 percent to $100.62 a barrel, the first time it has topped $100 since July. Oil shares rose while retailers and nearly every other sector moved lower.

Key Facts

The Dow Jones Industrial Average fell 407 points, or 0.8 percent, at 9:52 a.m. Eastern time.
The S&P 500 fell 0.3 percent and the Nasdaq composite fell 0.4 percent.
Brent crude rose 2.8 percent to $100.62 a barrel, marking the first move above $100 since July.
Exxon Mobil rose 2.5 percent and Chevron rose 2.3 percent as oil companies outperformed the broader market.
Gasoline prices in the U.S. were about 32 percent higher than a year earlier at $4.22 per gallon, while diesel prices reached an all-time high on Friday and climbed to $5.94 overnight.

By AP

Published Sep 10, 2026 12:37 am KST

Traders work on the floor of the New York Stock Exchange (NYSE) on Wednesday in New York City. Stocks fell again in early trading Wednesday as high oil prices continue to worry investors. The Dow fell more than 400 points in morning trading. Getty Images via AFP-Yonhap

NEW YORK — Stocks fell on Wall Street Wednesday as the price of crude oil rose above $100 a barrel amid further escalation in the U.S. war with Iran.

The S&P 500 index fell 0.3 percent. The Dow Jones Industrial Average fell 407 points, or 0.8 percent, as of 9:52 a.m. Eastern time. The Nasdaq composite fell 0.4 percent.

The losses were broad, with retailers among the companies leading the market lower. Amazon fell 1.9 percent and Starbucks fell 1.5 percent. Nearly every sector within the benchmark S&P 500 lost ground, but oil companies pushed higher. Exxon Mobil rose 2.5 percent and Chevron rose 2.3 percent.

Oil prices drove much of the action on Wall Street. The U.S. destroyed five Iranian tankers on Tuesday in a series of attacks between the two nations. The conflict that began in February has essentially shut down traffic in the vital Strait of Hormuz, where a fifth of the world’s oil supply passed before the war began.

The price of Brent crude, the international standard, rose 2.8 percent to $100.62 a barrel. It marks the first time the price surpassed $100 a barrel since July.

The jump in oil prices over the course of the war has fueled already high inflation. Gasoline prices in the U.S. are up about 32 percent from a year ago to $4.22 per gallon. Higher fuel prices cut into household budgets directly when it comes to the cost of driving, but they also indirectly raise prices for goods because of higher shipping costs.

Diesel prices, which can have an outsized impact on consumers because it is used in shipping and production, hit an all-time high Friday and have continued to climb since. The average price for a gallon reached $5.94 overnight and is now 9 cents higher than it was Friday.

Inflation was already stubbornly high when the U.S. started its war against Iran because of the ongoing U.S. trade war with much of the world. That trade war is also heating up, especially between the U.S. and its close ally and trade partner Canada.

Elsewhere in the market, shares of Meta Platforms rose 5.6 percent as the parent company of Instagram and Facebook launched a personal artificial intelligence agent, Muse, for people 18 and over who are looking for help with day-to-day tasks like schedules and shopping.

Markets in Europe fell while markets in Asia closed mixed.

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