Stocks fall and global oil reclaims $100 as Iran’s new supreme leader vows to keep Strait of Hormuz closed | CNN Business

Stocks fell and global oil prices settled at $100 per barrel for the first time since 2022 as the effective closure of the Strait of Hormuz continued to roil markets. The major US stock indexes each closed lower by more than 1.5%, extending a recent bout of volatility. The Dow fell 739 points, or 1.56%. The S&P 500 dropped 1.52%, and the tech-heavy Nasdaq Composite sank 1.78%, as the war with Iran stokes fears of higher energy costs and disruptions to the global economy. US crude oil prices surged 9.72% to settle at $95.73 per barrel. Brent crude, the international oil benchmark, rose 9.22% to settle at $100.46 per barrel. It’s the first time Brent has settled above $100 per barrel since August 2022. Oil prices climbed as an Iranian state television anchor read a statement attributed to Iran’s new supreme leader, Mojtaba Khamenei, warning that the crucial Strait of Hormuz will remain closed as a “tool of pressure.” The message also said that all US bases in the region “will be attacked” unless they shut down. Iran’s new supreme leader issues first message The Strait of Hormuz, the vital waterway off Iran’s coast through which 20% of global oil consumption flows, has