Wall Street Shadowed by US-Iran War, Dow Jones Falls Nearly 300 Points

New York — Share prices on Wall Street mostly ended in negative territory on trading on Wednesday 11 March 2026 local time, amid investor concerns over developments in the US-Iran conflict that has driven crude oil prices sharply upwards.

The Dow Jones Industrial Average closed down 289.24 points or 0.61 per cent at 47,417.27. The S&P 500 Index weakened slightly by 0.08 per cent to 6,775.80.

Meanwhile, the Nasdaq Composite rose marginally by 0.08 per cent to 22,716.13.

Market movements coincided with a surge in global crude oil prices. West Texas Intermediate futures contracts jumped more than 4 per cent to around US$87 per barrel.

The increase in oil prices occurred despite the International Energy Agency stating it would release 400 million barrels from its strategic reserves.

This measure represents the largest strategic petroleum reserve release ever undertaken and aims to address supply disruptions caused by the conflict.

However, the move is considered insufficient to alleviate market concerns.

Ron Albahary, Chief Investment Officer at Laird Norton Wetherby, believes the decision taken by the International Energy Agency does not resolve other issues that could affect the global economy.

He cited petroleum products flowing through the Strait of Hormuz, such as aviation fuel, as one of the risks still looming over markets.

“I think markets are still grappling with the question of what the way out is from this situation,” he said.

“Both sides are dug in on their positions, and it’s difficult to see how this situation can end positively in the short term,” he added.

A prolonged conflict has the potential to keep oil prices elevated.

US forces were reported on Tuesday to have sunk several Iranian vessels, including 16 minelayer ships, near the Strait of Hormuz.

Iran had previously been reported attempting to place mines in this strategic shipping lane, which is a major global oil trade route.