Khaberni - The major indices at Wall Street fell by more than 1% on Monday, with rising oil prices, exacerbating inflation fears as hostilities in the Middle East entered their tenth day.
Geopolitical tensions worsened after Iran appointed Mojtaba Khamenei, as the country's supreme leader, indicating hardliner control in Tehran.
Crude oil prices rose to just under $120 a barrel, but fell as governments, including those of the G7 group, started discussions to curb rising energy costs by increasing supply.
David Morrison, senior market analyst at Trade Nation said, "High oil prices fuel fears that inflation might rise again. While it is unlikely that the United States will experience a supply shortage, unlike the UK, Europe, and the Asia-Pacific region, it will be affected by rising prices, which are already beginning to appear at gas stations."
As of 09:44 AM Eastern Time, the Dow Jones Industrial Average fell 639.86 points, or 1.35%, to 46861.69, while the Standard & Poor's 500 Index lost 1.32%, reaching 6650.85 points, and the Nasdaq Composite Index fell 287.75 points, or 1.28%, to 22099.93 points.
