S&P 500, Dow, Nasdaq drop but oil climbs after Iran strike

Major U.S. stock indexes slipped while oil prices climbed on Tuesday amid worries about escalating tensions in the Middle East.

Iran launched missiles at Israel, according to Israel Defense Forces (IDF). The IDF’s announcement came just hours after a U.S. official said Iran was preparing imminently to launch a ballistic missile attack against Israel. The official said the U.S. was actively supporting Israel in its preparations to defend against the attack and warned any direct attack on Israel will carry “severe consequences for Iran.”

Worries a wider conflict in the Middle East could dampen the world’s oil supply pushed up oil prices, with WTI crude up 3.5% at 2 p.m. ET, economists said. Iran accounts for about 4% of global oil output.

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