Dow falls 800 points as oil prices resume their march higher

Stocks fell on Thursday as traders caught their breath after a strong performance in the previous session and kept an eye on oil rising prices.

The Dow Jones Industrial Average declined 801 points, or 1.6%, weighed down by losses in stocks such as Caterpillar and Goldman Sachs. The S&P 500 fell 0.9%, while the Nasdaq Composite dipped 0.6%.

U.S. crude oil prices rose to their highest level since June 2025 after Iran said it hit an oil tanker with a missile. U.S. West Texas Intermediate crude futures popped 6% to trade above $79 per barrel. International benchmark Brent crude futures traded 3% higher at more than $84 per barrel. The two had stabilized in the prior trading day.

Stocks rose in Wednesday’s session, buoyed by gains in technology and semiconductor giants. The Dow snapped a three-day losing run. The S&P 500 and Nasdaq Composite ended the day with solid gains.

“Things are changing around the edges. We have a geopolitical shock, obviously, and we’re still parsing that in terms of how it could impact the risk premium for equities,” said Bank of America Securities head of U.S. equity and quantitative strategy Savita Subramanian on CNBC’s “Closing Bell: Overtime.”