Stocks Fall as Iran's New Supreme Leader Vows to Keep Strait of Hormuz Closed
Global markets tumbled Thursday as Iran's newly appointed supreme leader Mojtaba Khamenei vowed to keep the Strait of Hormuz closed indefinitely, sending oil prices above $95 a barrel and pushing US stocks down more than 1%. The Dow lost over 500 points while the S&P 500 extended its losing streak to three days. With roughly a fifth of the world's oil supply flowing through the waterway, analysts are calling it the largest supply disruption in oil market history.