Dow Plunges 700 Points as Oil Tops $100 Amid Iran Strait Crisis

Wall Street suffered a major selloff Thursday as oil prices spiked above $100 per barrel due to Iran's blockade of the Strait of Hormuz. The Dow Jones dropped 730 points while crude oil prices surged 49% over the past month, raising concerns about prolonged economic fallout from the U.S.-Israeli conflict with Iran.