New York stocks opened lower on the 19th (local time) as tensions in the Middle East escalated. As clashes among the United States, Israel, and Iran expanded beyond military facilities to energy infrastructure, caution spread across the market.
As of 10:23 a.m., the Dow Jones Industrial Average on the New York Stock Exchange was down 370.15 points, or 0.80%, at 45,855.00 from the previous session. The Standard & Poor's (S&P) 500 was down 46.34 points, or 0.70%, at 6,578.36, and the Nasdaq composite was down 199.75 points, or 0.90%, at 21,952.67 from the previous session.
Recently, Israel has expanded its attacks from Iran's fuel storage facilities to energy production facilities, and in response, Iran is carrying out retaliatory strikes targeting oil and gas facilities in Gulf oil-producing countries. As a result, international oil prices rose, with Brent crude topping $100, weighing on investor sentiment.
The previous day, Israel bombed South Pars, Iran's largest gas field, and the natural gas processing complex in Asaluyeh on Iran's southwestern coast. In retaliation, Iran attacked gas facilities in Ras Laffan, Qatar's liquefied natural gas (LNG) production hub.
U.S. President Donald Trump warned, "If Iran recklessly attacks Qatar, the United States will blow up the entire South Pars gas field with a level of force Iran has not experienced or witnessed before, regardless of whether Israel helps or agrees."