Oil prices climb and stocks fall after Trump says he thinks Iran agreement ‘over’

(NEW YORK) — Oil prices climbed and stocks tumbled in early trading on Wednesday after President Donald Trump said he believes an agreement with Iran is “over” amid an exchange of strikes in the Middle East.

Brent crude, the benchmark measure for worldwide oil trading, climbed more than 5% in early trading on Wednesday, pushing the price up to nearly $78 a barrel.

Oil prices stand above pre-war levels, though they have fallen from a high of as much as $118 reached earlier in the conflict.

Stock prices fell in response to the heightened tensions and rising oil prices.

The Dow Jones Industrial Average dropped 600 points, or 1.1%, while the S&P 500 declined 0.6%. The tech-heavy Nasdaq fell 0.4%.

This is a developing story. Please check back for updates.