US stock markets suffered their longest losing streak in four years as the S&P 500 dropped 1.7 per cent amid escalating conflict between the United States and Iran.

Key points

• The S&P 500, Dow Jones Industrial Average, and Nasdaq composite all recorded significant weekly losses, with the Dow and Nasdaq entering market correction territory.
• Brent crude oil prices climbed 3.4 per cent to US$105.32 per barrel, while US benchmark crude rose 5.5 per cent to US$99.64.
• President Donald Trump extended a deadline for Iran to allow oil tanker passage through the Strait of Hormuz to April 6.
• Major technology stocks including Amazon, Meta Platforms, and Nvidia saw sharp declines, contributing to the broader market downturn.
• Consumer sentiment fell in March as rising energy costs and geopolitical instability weighed on economic confidence.

Persistent conflict in the Persian Gulf threatens to disrupt global energy supplies, potentially triggering widespread inflation and slowing economic growth. If oil prices continue to surge, the resulting increase in transportation and utility costs could significantly reduce consumer spending and corporate profitability.