After spending most of the day deep in the red, the major indexes trimmed earlier losses, with the Nasdaq eking out a finish above breakeven. The S&P 500 settled flat, while the Dow struggled to claw its way out of a triple-digit deficit, though it significantly improved off session lows. The U.S.-Israel conflict with Iran is escalating, however, with the latter threatening to set any ship that crosses the Strait of Hormuz on fire, per the Revolutionary Guards commander.
Oil, Gold Prices Settle Firmly Higher
Crude prices surged after Iran reportedly closed the Strait of Hormuz, where one-third of oil exports are moved through. March-dated West Texas Intermediate (WTI) crude added 6.3% to settle at $71.23 per barrel, after earlier surging as much as 12%.
As investors monitor the Middle East conflict, gold futures settled higher after an early morning surge. There was also a spike in the U.S. dollar. April-dated gold futures rose 1% to settle at $5,299.50 an ounce.
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