Dow Tumbles Over 400 Points, Crude Oil Prices Soar After Iran Says It Hit An Oil Tanker – Escalating US-Israel-Iran War Enters 6th Day

U.S. West Texas Intermediate crude futures maturing in April soared nearly 5% on Thursday, rising to $78.36 per barrel.

U.S. equities declined in Thursday morning’s trade as the United States-Israel-Iran war entered its sixth day. The Dow Jones Industrial Average tumbled over 400 points at the time of writing, while the S&P 500 index fell 0.1%.

Crude oil prices soared on Thursday after Iran said it had struck an oil tanker with a missile in the northern parts of the Persian Gulf. According to a state media report, the tanker struck by the IRGC Navy was on fire at the time of writing.

U.S. West Texas Intermediate (WTI) crude futures maturing in April soared nearly 5% on Thursday, rising to $78.36 per barrel, compared to the previous closing price of $74.66. Brent crude futures maturing in May gained 3%, rising to $83.75 per barrel.

"The U.S. International Development Finance Corporation would need to have some creative operational changes, including the ability to operate in the Middle East, a shift from project-based financing to shipping, and would need a significant acceleration in approvals from the typical six-to-nine month process," said Michelle Gibley, director of international equity research and strategy, Schwab Center for Financial Research.

Gibley added that despite President Donald Trump's extension of risk insurance, concerns about crew safety could limit the level of risk associated with shipping oil through the Strait of Hormuz.

The CNN Fear and Greed Index was hovering in the ‘Fear’ zone at 38.

At the time of writing, the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, was down 0.13%; the Invesco QQQ Trust ETF (QQQ) rose 0.16%; and the SPDR Dow Jones Industrial Average ETF Trust (DIA) declined 0.81%. Retail sentiment on Stocktwits regarding the S&P 500 ETF was in the ‘neutral’ territory.

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