US stocks ended lower after oil prices surged and chipmakers sold off, leaving the Nasdaq with the steepest decline among major indexes.
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Brent crude climbed above $79 while WTI passed $74 as fresh US-Iran attacks coincided with reduced shipping through the Strait of Hormuz.
Brent crude closed at $74.16 while WTI settled at $70.44, with oil markets tracking Iranian oil rules and Strait of Hormuz shipping.
Oil prices extended gains, settling above $72 a barrel as supply concerns, OPEC+ policy uncertainty, and a weaker U.S. dollar supported crude amid market volatility.
Kuwait’s crude oil price surged by $4.5 on Wednesday, reaching $75.40 per barrel, driven by concerns over Middle Eastern tensions and market uncertainty, according to Kuwait Petroleum Corporation.