Dow plunges 1,000 points as oil, gas prices surge after Iran orders Strait of Hormuz closure
By Ariel Zilber
Published on March 3, 2026.
The Dow Jones Industrial Average fell by over 1,000 points as oil and gas prices surged after Iran ordered the closure of the Strait of Hormuz, resulting in a surge in oil prices. The S&P 500 also dropped by 1.80%, or 138 points, and the Nasdaq Composite dropped by over 450 points. The escalating conflict in Iran has disrupted global energy supplies and led to the national average price for regular gasoline rising to $3.11 per gallon, up from $3 a day earlier, a significant increase from the previous day. The Iranian conflict has escalated with Iran declaring the Strait closed and threatening to attack any vessel attempting to transit the narrow waterway.
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