Stocks Whipsawed by Oil Volatility as War Drags On: Markets Wrap

Volatility whipsawed stocks as traders parsed conflicting signals about the outlook for oil supplies as the war in Iran rattles energy markets. In late hours, Oracle Corp. jumped on a strong sales forecast.

The S&P 500 wiped out its advance. US crude trimmed a plunge that briefly drove it below $80 as the White House said no tanker has been escorted by the navy through the Strait of Hormuz, refuting an earlier, since-deleted social media post by Energy Secretary Chris Wright. Oil still sank 12%, the most since 2022, as big economies mull deploying stockpiles to avoid a crunch.