Oil prices swing and stocks fall as war with Iran rattles markets

The outbreak of war between the US and Iran sent oil prices sharply higher, creating a supply shock that stressed refiners and led to significantly higher prices in places like California. This spike in oil fueled worries about inflation, which contributed to Wall Street stocks closing lower and posting a weekly loss.

Despite a later dip in oil prices below $100 a barrel and a U.S. waiver on some stranded Russian crude, oil was still headed for weekly gains. The conflict also had complex effects on other oil producers, boosting revenues for Russia while wiping billions off Gulf energy revenues.