US stocks fell and oil climbed on Thursday as investors braced for a longer energy shock after Iran’s new supreme leader signaled the Strait of Hormuz would remain shut and President Donald Trump indicated war aims outweighed concern about higher crude prices.
The Dow Jones Industrial Average dropped more than 500 points in midday trading, while the S&P 500 and Nasdaq Composite each lost more than 1 percent. Brent crude briefly topped $100 a barrel before paring some gains, and West Texas Intermediate traded in the mid-$90s, extending a rally driven by fears that a prolonged disruption in Gulf shipping will keep a major slice of global supply…
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