Stocks Sink, Oil Jumps as Mideast Tensions Build: Markets Wrap

Wall Street buckled as reports of Iran’s retaliation for Israel’s attack on its nuclear facilities deepened concerns that the conflict is escalating, with oil jumping and stocks taking a hit.

The S&P 500 lost over 1%, wiping out this week’s advance. Airline and travel companies tumbled, while energy producers and defense shares rose. West Texas Intermediate crude futures surged more than 7%, the most since March 2022. Gold hovered near its all-time high. Treasuries fell as a surge in oil stoked concern about a resurgence in inflation. The dollar edged up.