The US stock market experienced a decline for the third consecutive session on September 9, as Brent crude oil prices surged to approximately $101 per barrel. This price level has not been seen since July. The Dow Jones Industrial Average fell by 300 to 346 points, representing a drop of roughly 0.6-0.7%.
The S&P 500 index decreased by about 0.3-0.5%, while the Nasdaq Composite dropped 0.5-0.7%. The primary catalyst for the oil price spike was escalating tensions between the US and Iran, including reports of tanker strikes and supply route disruptions, particularly around the Strait of Hormuz.
The conflict between the US and Iran has been ongoing since at least February 2026, causing recurring oil price spikes throughout the year. The September spike followed a period of modest price easing during the summer months.
While the broader market declined, energy stocks such as Exxon Mobil and Chevron posted gains. Conversely, consumer-facing and rate-sensitive sectors suffered as rising oil prices increased inflation expectations and pushed Treasury yields higher, making borrowing more expensive.