US stocks fell nearly 600 points as oil prices hit $100, with Iran's new supreme leader, Mojtaba Khamenei, vowed to keep the Strait of Hormuz blocked. The Dow Jones Industrial Average had dropped by 1.25%, while the S&P 500 and Nasdaq also fell by a similar amount of 1.7%. This could cause national average gasoline prices to rise by over 20% the past month. Economists have warned that energy shocks tend to ripple across consumer prices, potentially sparking inflation as the labor market weakens. President Trump has argued that carrying out "Operation Epic Fury" in Iran is more important than dealing with rising oil and diesel prices.