US Stocks Close Sharply Lower

2026-03-12 20:01 By Felipe Alarcon 1 min. read

The S&P 500 and the Dow both closed 1.5% lower while the Nasdaq shed 1.7% on Thursday as investors navigated the intensifying conflict in the Persian Gulf that drove crude oil prices toward 100 dollars per barrel following defiant rhetoric from the new Iranian supreme leader.

Investors weighed the lack of an immediate resolution to the war alongside further increases in energy costs.

International benchmark Brent crude settled above 100 dollars per barrel after Mojtaba Khamenei declared that the Strait of Hormuz must remain closed to pressure international rivals.

Market participants largely shrugged off the record coordinated release of 400 million barrels from emergency reserves by the IEA.

Financial stocks faced additional pressure as Morgan Stanley shares sank 4.1% after the firm capped withdrawals from private credit funds.

Traders expect the Federal Reserve to maintain interest rates next week as officials wait for clarity on the economic impacts of the war.



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