Wall Street drops again to close its 5th straight losing week and its worst since the Iran war

Market Performance - U.S. stocks experienced significant declines, marking the longest losing streak in nearly four years with a fifth consecutive week of losses [1] - The S&P 500 fell 1.7%, while the Dow Jones Industrial Average lost 793 points, also down 1.7%, and is now over 10% below its record set last month [1] - The Nasdaq composite dropped 2.1% during the same period [1] Oil Market Dynamics - Oil prices initially eased following President Trump's announcement of a deadline extension regarding Iran, but resumed climbing as tensions continued [3][4] - Brent crude oil prices increased by 3.4% to settle at $105.32 per barrel, up from approximately $70 before the conflict began, while benchmark U.S. crude rose 5.5% to $99.64 per barrel [5] Investor Sentiment - Investor confidence was shaken by the ongoing conflict and mixed signals from U.S. and Iranian diplomatic efforts, leading to a diminished risk appetite [5] - Analysts noted that market reactions are more influenced by Iranian responses than U.S. statements regarding potential deals [5] Economic Implications - Concerns persist that the ongoing war could disrupt the Persian Gulf's energy supply, potentially leading to significant inflationary pressures globally [6] - Rising oil prices could increase costs for consumers and businesses, affecting transportation and electricity prices [6]