Market Slumps Amid Middle East Tensions
The Dow experienced a steep decline of 1.73%, or 793.47 points, settling at 45,166.64. Similarly, the Nasdaq composite recorded a sharp drop of 2.15%, or 459.72 points, finishing at 20,948.36. The S&P 500 also fell markedly by 1.67%, or 108.31 points, to reach 6,368.85.
Meanwhile, the Volatility Index (VIX), commonly known as the market’s “fear index,” decreased by 12.94%, landing at 30.99 as of 2010GMT.
US President Donald Trump mentioned on Thursday that he had postponed the decision to target Iran’s power plants until April 6, adding that negotiations were progressing well. On Friday, US Secretary of State Marco Rubio indicated that military actions against Iran are likely to conclude in “weeks, not months” and emphasized that Washington could achieve its goals without deploying ground forces.
On the Iranian side, Parliament Speaker Mohammad Baqer Qalibaf highlighted on his social media page that an abundance of “fake news” stories was being circulated to depress energy prices, asserting that the market had grown desensitized to such reports and that true prices would eventually prevail.
Amid these developments, fears of potential disruptions in the Strait of Hormuz and interruptions in energy supply continued to push oil prices upward.
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