US stocks plummeted Friday, with the Dow Jones Industrial Average down 909 points or 1.9%, as of 9.35 am Eastern Time, and the Nasdaq composite being 1.6% lower.
The S&P 500 dropped 1.6% in the aftermath of a report showing US employers had cut more jobs last month than they created.
The surge in oil prices, reaching their highest level in nearly two years, is a direct consequence of the war expanding to other Middle East nations and the targeting of areas critical to the production and movement of energy in the Middle East.
The price for a barrel of Brent crude jumped another 5.7% to $90.25, while a barrel of benchmark US crude climbed 8.9% to $88.20.
Iran's strategic blocking of the Strait of Hormuz chokepoint, which is the transit passage for roughly one-fifth of the world’s oil, has made matters worse.
Energy prices could climb higher if the exports of Iranian gas to much of Asia remain halted, owing to a likely bidding war between Europe and Asia.
