Additional human remains found

(NEW YORK) — Stocks closed significantly lower on Friday as the U.S.-Israeli war with Iran showed little sign of an imminent resolution that would end one of the worst global oil shocks in decades.

The Dow Jones Industrial Average plunged 790 points, or 1.7%, while the S&P 500 fell 1.6%. The tech-heavy Nasdaq dropped 2.1%.

The session on Friday marked the end of a woeful week for the major stock indexes. The Dow declined 1% this week, while the S&P 500 fell 2%. The Nasdaq decreased 3%.

Late Thursday, President Donald Trump postponed U.S. attacks on power plants in Iran in an apparent effort to avoid escalation of the Middle East conflict.

In a post on social media on Thursday, Trump said he was “pausing the period of Energy Plant destruction” until April 6.

In the event of such an attack, Iran has said it would carry out strikes against energy infrastructure in neighboring countries, according to Iran’s Fars News Agency state media.

Wall Street appeared to find little solace in the reprieve from large-scale tit-for-tat attacks on infrastructure.

Iran continues to blockade the Strait of Hormuz, a critical waterway for oil delivery. The strait facilitates the transport of about one-fifth of the global supply of crude oil and natural gas.

Global oil prices stood at about $113 a barrel on Friday, marking a staggering 61% rise since war with Iran began a month ago.

Fatih Birol, the executive director of the International Energy Agency (IEA), earlier this week said the current oil crisis had surpassed the combined effect of worldwide energy shocks in the 1970s.

The global economy faces a “major, major threat,” Birol said at an event in Canberra, Australia, noting that no country would be “immune to the effects of this crisis if it continues to go in this direction.”

U.S. Treasury yields climbed on Thursday, suggesting concern about economic instability and inflation stemming from the Iran war.

The yield on a 10-year Treasury bond, or the amount paid to a bondholder annually, stands at about 4.45%, marking a nearly half-percentage point jump from a month earlier.

On Friday, bond yields soared close to levels reached in the aftermath of President Donald Trump’s “Liberation Day” tariffs last April, when the 10-year Treasury yield peaked at around 4.5%.

Since bonds pay a given investor a fixed amount each year, the specter of inflation risks higher prices that would eat away at those annual payouts.

In turn, bonds often become less attractive in response to economic turmoil. When demand falls, bond yields rise.

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