Oil price breaches $80, Dow Jones sinks nearly 800 points

US stock markets closed lower after oil prices surged on heightened inflation concerns amid the United States–Iran conflict. The spike followed Iran’s confirmation of attacks on a crude oil tanker, intensifying worries about the impact of the conflict on global energy supply.

According to Business Insider, on Friday, 6 March 2026, West Texas Intermediate (WTI) crude rose as much as about 7 percent and closed above $80 per barrel. Brent crude rose about 4 percent to $84.74 per barrel.

The energy-price surge sparked a broad market sell-off in the United States. The Dow Jones Industrial Average fell nearly 800 points, while the S&P 500 and Nasdaq Composite also finished in the red.

Investors feared a sustained rise in oil prices could trigger new inflationary pressures and potentially drag the global economy into stagflation, a combination of high inflation and slowing growth.

The situation also added uncertainty around U.S. Federal Reserve monetary policy. The jump in energy prices was seen as potentially delaying the market’s anticipated path of rate cuts.

In addition, yields on government bonds rose as inflation concerns increased.

Amid the market pressure, some stocks still advanced. Semiconductor company Broadcom, for instance, rose after reporting strong revenue prospects from the artificial intelligence business.

Meanwhile, Berkshire Hathaway also rose after announcing a share-buyback program and a purchase by CEO Greg Abel worth around $15 million.

Analysts said the spike in oil prices driven by geopolitical tensions could be a key factor affecting market movements in the near term. However, some analysts expect the impact of higher energy prices to be temporary if the conflict does not escalate and global energy supply stabilises.