Stocks sink, oil prices rise after President Trump's Iran war speech

The stock market opened with losses Thursday morning and oil prices shot higher in the wake of President Trump’s speech on the Iran war.

The Dow Jones Industrial Average was down roughly 600 points after the Thursday opening bell, falling 1.3 percent on the morning. The S&P 500 was also down 1.3 percent and the Nasdaq composite was down 1.7 percent.

Oil prices were also up sharply, with the price of barrel of U.S. crude rising more than $12 to $113, an increase of 13 percent. Brent crude, the international baseline, was up more than $8 to reach $109 per barrel.

Markets had rallied to start the week as Trump signaled his interest in bringing the war to an end. But the gains evaporated Wednesday night during Trump’s remarks, in which he reiterated his past statements about the conflict without shedding light on the path forward.

Stock futures turned south as Trump claimed that the U.S. was “nearing completion” of the war in Iran but would unleash fury on the country without a deal.

Iran responded to the speech with missile attacks on Israel and Persian Gulf states, underscoring the distance between the two sides.