Dow Jones leads Wall Street lower as oil prices spike on Iran threats, Fed awaited

Economic Indicators - US producer prices increased by 3.4% year-on-year in February, surpassing analysts' expectations of 3% and showing a monthly gain of 0.7%, nearly double the forecast of 0.3% [1] - Core Producer Price Index (PPI), excluding food and energy, rose by 3.9% year-on-year, exceeding the expected 3.7%, and increased by 0.5% month-on-month, above the anticipated 0.3% [2] Market Reactions - US stocks opened lower due to rising oil prices, with the Dow Jones dropping by 0.5%, while the S&P 500 and Nasdaq fell by 0.3% [3] - Oil prices surged, with WTI crude exceeding $98 per barrel and Brent crude surpassing $108, following threats from Iran regarding potential attacks on Gulf energy infrastructure [4] Energy Sector Impact - Energy stocks lagged as WTI crude prices fluctuated, initially dropping below $92 before climbing back above $96, while Brent crude rose above $106 [7] - Reports indicated that Iran has taken parts of its South Pars gas field offline, raising concerns about tighter LNG supply and increasing global energy costs [8]