Wall Street’s losses deepened Friday as the ongoing fallout from the war in Iran keeps pushing oil prices higher, ratcheting up inflationary pressure on the global economy.
The S&P 500 fell 0.6% after having been up as much as 0.9% in the early going. The benchmark index is now down 3.1% so far this year.
The Dow Jones Industrial Average lost 0.3%, and the Nasdaq composite finished 0.9% lower. The indexes also ended the week with their third straight weekly loss.
After briefly easing early Friday, crude oil prices rose again, bringing the benchmark oil price back above $100 a barrel. Brent crude, the international standard, closed 2.7% higher at $103.14 per barrel. It’s up about 40% for the month.
A barrel of U.S. crude oil rose 3.1% to settle at $98.71. It’s risen around 46% this month.