Dow Falls 450 Points, Posts Worst Week in Nearly a Year as Oil Tops $90
U.S. stocks fell on Friday, deepening weekly losses as oil prices spiked and traders digested an unexpected decline in U.S. job creation.
The Dow Jones Industrial Average dropped 453 points, or 0.95%. The S&P 500 slid 1.3%, while the Nasdaq Composite fell 1.6%.
In energy markets, West Texas Intermediate (WTI) broke above $90 a barrel and ended the week up roughly 35%—its biggest weekly gain since oil futures trading began in 1983—as investors weighed the impact of the U.S.-Iran war on global energy supply. Oil surged on Friday after President Donald Trump said in a Truth Social post that there would be no deal to end the war without Iran’s “unconditional surrender.”
Adding to supply fears, Qatar’s energy minister Saad al-Kaabi told the Financial Times that Gulf energy producers may need to declare force majeure in the coming days, potentially shutting down production in a move that could send oil to $150 a barrel. He warned the conflict could “bring down the economies of the world.”
Caution also spread across Wall Street commentary. Wharton professor emeritus Jeremy Siegel said he remains very wary, adding that if there is no breakthrough over the weekend, markets could see $100 oil next week.
Source : Newsmaker.id
