economy
May 4, 2026
Wall Street Closes in the Red as Crude Oil Prices Skyrocket Due to the War in Iran
Wall Street closed in the red this Monday, with its main indicator, the Dow Jones Industrial Average, falling 1.13% as oil prices soared due to the war in Iran and the situation in the Strait of Hormuz. At the end of the session on the New York Stock Exchange, the Dow Jones stood at 48,941 points; the selective S&P 500 retreated 0.41% to 7,200 points, and the Nasdaq lost 0.19% to 25,067 units.
TL;DR
- Wall Street indices, including the Dow Jones, S&P 500, and Nasdaq, closed in the red.
- The price of West Texas Intermediate (WTI) crude oil surged by 4.39% to $106.42 per barrel.
- Rising tensions between the US and Iran in the Strait of Hormuz are cited as the cause for the oil price increase.
- President Trump announced an operation to facilitate ship transit in Hormuz, a critical oil route.
- Reports of missile attacks on a US vessel in Hormuz were denied by the US military.
- The UAE reported intercepting three missiles originating from Iran.
- Analyst Tom Essaye noted that while the market is vulnerable, positive financial factors such as AI data centers and consumer spending should limit further declines.
- Other market movements included a rise in 10-year Treasury yields, a fall in gold prices, an increase in Bitcoin value, and a slight change in the euro's exchange rate.