Overview
- WTI April futures settled at $98.71 a barrel, the highest closing level in about three years and eight months.
- Prices briefly traded in the $99 range during the session, placing the benchmark within reach of $100.
- Buying accelerated on fears of prolonged supply disruption tied to Iranian attacks and a continuing blockade in the Strait of Hormuz.
- The Wall Street Journal reported that the United States will dispatch Marines and additional warships to the Middle East in response to intensified Iranian activity.
- The Dow fell 119.38 points to 46,558.47 and the Nasdaq lost 206.62 points to 22,105.36 as energy costs climbed.