US stocks fall as Trump vows Iran strike, oil surges
US stocks took a big hit Wednesday after President Trump promised to strike back at Iran for its missile attacks on American troops in Jordan.
The Dow dropped 707 points, and oil prices shot up: Brent crude jumped over 6% to $89.45 a barrel, while WTI rose 7% to $84.84.
Investors are worried that the conflict could mess with global energy supplies, making things even shakier for markets.
US hits Iranian-backed sites in Iraq
The US responded by hitting Iranian-backed sites in Iraq, raising concerns about vital oil routes like the Strait of Hormuz and Red Sea.
With energy costs spiking, inflation worries are front and center for the Federal Reserve's next meeting. There's now a higher chance of an interest rate hike soon.
Meanwhile, global markets aren't loving this either as everyone braces for more economic turbulence if tensions keep rising.