Another Leg Up In Crude Oil Prices Stoke Fears of Inflation, Stock Deepen Losses

Barry Adams
19 Mar, 2026
New York City

 

Stocks in New York deepened this week's losses amid a growing realization that the conflict in the Middle East is likely to widen in the region. 

The S&P 500 Index decreased 0.2%, and the tech-heavy Nasdaq Composite declined 0.3% in early trading. 

Since the start of the war on February 28, the broader benchmark has dropped about 3%, and the technology-focused index has lost about 6%. 

Brent crude prices jumped 6% to $114.20 a barrel, and West Texas Intermediate advanced 2.3% to $96.45 a barrel amid rapidly escalating war in the Middle East. 

Iran's missiles struck gas storage facilities in Qatar, retaliating against the U.S.-Israel missile attacks on Iran's Pars energy field. 

Natural gas prices in Europe soared 27% to €63.25 per MWh amid worries that the global supply of natural gas is likely to remain disrupted longer than previously expected.

Israel's unprovoked war on Iran, supported by the U.S., is wreaking havoc on energy markets, and rapidly rising prices of fuel are stoking worldwide inflation and dampening global economic growth.

Moreover, illegal strikes by the U.S. military have murdered at least 165 school children in Iran.

 

U.S. Movers 

Micron Technology declined 4.9% to $439.06 despite the chipmaker reporting a sharp jump in revenue in the fiscal second quarter ending on February 26.

Revenue soared to $23.9 billion from $8.1 billion, net income advanced to $13.8 billion from $1.6 billion, and diluted earnings per share jumped to $12.07 from $1.41 a year ago. 

The rapid deployment of artificial intelligence infrastructure has skyrocketed demand for memory chips, driving the prices higher over the last eighteen months. 

Micron estimated fiscal third quarter revenue of $33.5 billion, with a band of $750 million, a gross margin of 81%, and a diluted earnings per share range between $18.50 and $19.30.