NEW YORK — With no clear end in sight, the war with Iran is sending oil prices back to $100 per barrel, and stocks are sinking worldwide on Thursday. The S&P 500 fell 1.2 percent and is returning to big swings following a couple days of relative calm. The Dow Jones Industrial Average was down 607 points, or 1.3 percent, as of 11 a.m. Eastern time, and the Nasdaq composite was 1.7 percent lower. The center of action was again the oil market, where the price of a barrel of Brent crude, the international standard, got as high as $101.59 overnight before pulling back to $100.44, a 9.2 percent rise. Worries are worsening that the war could block the production of oil in the Persian Gulf for a long time and cause a debilitating surge of inflation for the global economy. Iran’s new supreme leader released his first statement Thursday since succeeding his late father, saying his country would keep up attacks on Gulf Arab neighbors and use the effective closure of the Strait of Hormuz as leverage against the United States and Israel. A fifth of the world’s oil typically sails through the str
Emirati minister tells BBC Iran must end strikes on Gulf
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