From Quartz.

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U.S. stocks fell sharply Thursday morning as oil prices climbed amid an escalating U.S.-Iran conflict, underscoring rising market risk. The Dow Jones fell more than 500 points, while the S&P 500 and Nasdaq each dropped about 0.7%. The International Energy Agency called the Strait of Hormuz crisis the largest oil supply disruption on record.
Crude flows collapsed from roughly 20 million barrels a day to nearly zero amid reported attacks and mines, with Brent crude near $100. Gulf producers cut at least 10 million barrels of daily output despite a 400 million-barrel IEA release. February CPI rose 0.3% monthly and 2.4% annually, with PCE due Friday as a pre-crisis baseline. The Federal Reserve is viewed as less likely to cut rates near term. #stocks #oilcrisis #middleeasttensions #inflation #economy

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