Wall Street Sinks at Opening Bell as Iran Talks Fail; Oil Surges Above $100

Naval moves targeting Iranian trade flows are raising fears of major economic losses and increased volatility across global energy and financial markets.

The Wall Street Charging Bull statue in New York City on July 23, 2020. Michael M. Santiago/Getty Images

Wall Street opened sharply lower on April 13, as investor sentiment was hit by the failure of U.S.–Iran peace talks and a renewed surge in oil prices, which climbed back above $100 a barrel amid escalating tensions in the Persian Gulf.

The downturn came as the United States moved to tighten pressure on Tehran, including the start of the U.S. Navy’s efforts to block maritime traffic linked to Iran after high-stakes nuclear and ceasefire negotiations in Islamabad ended without a deal.