Geopolitical Tensions and Surging Oil Prices Weigh on Wall Street; Dow Drops 600 Points

U.S. equity markets faced intense selling pressure during afternoon trading on Thursday, March 12th, 2026, as escalating geopolitical tensions in the Middle East sent shockwaves through global financial centers. The primary catalyst for the downturn was a sharp spike in crude oil prices, which briefly eclipsed the $100-per-barrel mark following reports of intensified conflict in the Strait of Hormuz. This surge has reignited fears of "stagflation"—a period characterized by stagnant economic growth and high ...