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The tech sector led record gains in the S&P 500 index. Pictured: a man with umbrella walks past the New York Stock Exchange.

S&P 500 Slides as Middle East Conflict Drives Oil Surge and Risk Aversion

NEW YORK — The S&P 500 (^GSPC) extended losses into early March 2026 trading, pressured by escalating geopolitical tensions in the Middle East following U.S. and Israeli military strikes on Iran, which sent oil prices sharply higher and prompted a flight to safe-haven assets.
A trader stands beneath a screen on the trading floor displaying the Dow Jones Industrial Average at the New York Stock Exchange (NYSE) in Manhattan, New York City

Dow Jones Today: Index Slides Over 500 Points as Middle East Conflict Escalates and Oil Surges

The Dow Jones Industrial Average plunged more than 500 points on March 2, 2026, extending recent losses as escalating military conflict in the Middle East — including U.S. and Israeli strikes on Iran followed by Iranian retaliation — drove a sharp risk-off move across global markets. Oil prices spiked dramatically on fears of supply disruptions, while safe-haven assets like gold rallied.
Saudi Aramco is the world's biggest crude exporter

Saudi Aramco Shuts Down Ras Tanura Refinery After Iranian Drone Strike

Saudi Arabia's state oil giant Aramco halted operations at its massive Ras Tanura refinery on Monday after a drone strike targeted the facility, an industry source told Reuters, marking a dramatic escalation in the regional conflict as Iran retaliated against U.S. and Israeli strikes that killed Supreme Leader Ayatollah Ali Khamenei.

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