West Asia Conflict Escalates, Pushing Oil to Mid-$80s and Causing US Stock Decline

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US Stocks Slip as Oil Nears Mid-$80s Amid Escalating West Asia War, Fed Rate Cut Doubts

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, US, on Monday, Sept. 22, 2025. Wall Street traders left stocks hovering near all-time highs amid calls for a break after a $15 trillion rally from April lows, with traders awaiting a handful of Federal Reserve speakers and a key inflation measure. Photographer: Michael Nagle/Bloomberg

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CNBC TV18•05-03-2026, 21:16

US Stocks Slip as Oil Nears Mid-$80s Amid Escalating West Asia War, Fed Rate Cut Doubts

•US stocks, including S&P 500, Dow Jones, and Nasdaq, slipped on Thursday as oil prices surged amid escalating conflict involving Iran.
•Brent crude rose 3.3% to $84.05 a barrel, while US benchmark crude gained 4.3% to $77.90, driven by Iran's attacks on Israel and American bases.
•Rising energy costs spark concerns over household spending, global economic growth, and potential delays in Federal Reserve interest rate cuts.
•US gasoline prices jumped 9% to $3.25 per gallon; uncertainty about oil reaching $100/barrel and its impact on the global economy persists.
•Broadcom's strong earnings helped mitigate market losses, while Treasury yields rose, pushing Fed rate cut forecasts further into the summer.

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