U.S. equity indices sold off sharply at week’s end amid little tangible progress toward ending the war in Iran. The Nasdaq Composite index lost more than 3% while the S&P500 slid 2%. The Russell 2000 fared better, rising marginally.

U.S. equity indices sold off sharply at week’s end amid little tangible progress toward ending the war in Iran. The Nasdaq Composite index lost more than 3% while the S&P500 slid 2%. The Russell 2000 fared better, rising marginally.

U.S. equity indices fell for a fourth straight week as the Iran war continued to roil energy markets and further clouded the outlook for inflation and interest rates. The spread between Brent crude—
the global benchmark—and U.S.-based West Texas Intermediate crude widened to the largest gap in 11 years as the risk of Brent supply disruptions increased while releases from U.S. strategic reserves kept domestic prices relatively in check.

Escalations in the Middle East conflict raised fears regarding the largest potential oil supply disruption in history. During the week, crude oil soared to $119.50, then plunged below $77 before again ascending to nearly $99. It ended the week higher by 8% despite the International Energy Agency’s largest-ever release of 400 million barrels to try to reign in prices.

The conflict raging across the Middle East spiked oil prices to the highest level in more than two years, pressuring risk assets across the globe. U.S. equity indices held up better than their international counterparts, with the Nasdaq Composite down just over 1% while the S&P500 fell 2%.

U.S. equity indices fell after a hotter-than-expected wholesale inflation report while technology stocks came under pressure following Nvidia’s earnings report. The Nasdaq Composite and Russell 2000 indices lost around 1%, reversing gains made earlier in the week.