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Television screens carry a news conference by Federal Reserve chair Jerome Powell on the floor of the New York Stock Exchange in New York, Wednesday, March 18, 2026.

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Brent crude briefly tops $119 per barrel, before receding, and shakes stock markets worldwide

Brent crude briefly tops $119 per barrel, before receding, and shakes stock markets worldwide

Oil prices jumped to market-shaking levels but then eased back late in the day, helping Wall Street to pare its losses. The S&P 500 fell 0.3% Thursday after trimming an earlier drop of 1%. The Dow Jones Industrial Average lost 0.4%, and the Nasdaq composite fell 0.3%. Stocks fell much more in Europe and Asia after the price of Brent crude briefly topped $119 per barrel but before oil prices pared their gains late in the day. They're the latest manic swings for oil prices and stocks since the war in Iran raised worries about production troubles in the Middle East.