Stock market today: Dow, S&P 500, Nasdaq sink as oil prices surge past $100 a barrel

Market Overview - US stocks experienced a significant decline, with the Dow Jones Industrial Average falling over 1.7%, or more than 800 points, while the S&P 500 dropped 1.5% and the Nasdaq Composite sank 1.3% due to rising crude oil prices and fears of a prolonged Middle East conflict [1][4]. Oil Market Dynamics - Oil prices surged, with a spike of around 25% late Sunday, reaching over $119 a barrel, the highest levels since 2022, driven by conflict in Iran and production cuts from crude-producing countries [2]. - The Strait of Hormuz shipping corridor faced virtual closure, contributing to the supply crunch, with Kuwait confirming unspecified production cuts and Iraqi output reportedly plunging about 70% [2]. Government Response - G7 ministers convened to discuss a potential joint release of petroleum from International Energy Agency reserves to address the oil supply issues, with support from the US and two other countries [3]. Economic Indicators - Investors are closely monitoring upcoming domestic economic reports, including Wednesday's Consumer Price Index and Friday's Personal Consumption Expenditures index, although these reports will not yet reflect the impact of the recent surge in oil prices [5]. Corporate Earnings - The earnings season continues, with Oracle and Adobe highlighted as key companies reporting this week [5].