U.S. oil prices soared more than 10% on Thursday.
April 2, 2026, 9:34 AM
Stocks tumbled worldwide on Thursday after President Donald Trump delivered a televised address vowing to hit Iran "extremely hard" over the coming weeks.
The Dow Jones Industrial Average fell 600 points, or 1.3%, while the S&P 500 dropped 1.2%. The tech-heavy Nasdaq declined 1.6%.
The selloff followed losses across Asian and European markets. Tokyo's Nikkei 225 index slipped 2.3% and the pan-European STOXX 600 fell 1.3%.
Oil prices, meanwhile, surged as traders feared a persistent supply shortage amid the ongoing U.S.-Israeli war with Iran. U.S. oil prices climbed more than 10% on Thursday, registering at $112 a barrel.
Traders work on the floor of the New York Stock Exchange, March 31, 2026 in New York City.
Spencer Platt/Getty Images
Gasoline prices in the U.S. ticked up to $4.08 on average per gallon, marking a leap of $1.09 over the past month, AAA data showed.
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