Dow drops 650 points as Iran war sends oil prices surging
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City. (Photo by Spencer Platt/Getty Images)
(NEW YORK) — The Dow Jones Industrial Average plummeted more than 650 points in early trading on Friday as the Iran war continued to spike oil prices.
The Dow fell 657 points, or 1.3%, while the S&P 500 dropped 1.2%. The tech-heavy Nasdaq declined 1%.
In a post on social media on Friday morning, President Donald Trump appeared to rule out a compromise with Iran.
Trump said there would be “no deal with Iran except UNCONDITIONAL SURRENDER!”
Oil prices soared as traders feared a prolonged blockade of the Strait of Hormuz, a trading route that facilitates the transport of about one-fifth of global oil supply.
U.S. crude oil prices topped $88 on Friday, marking a staggering 35% increase from a week earlier.
The stock selloff on Friday extended losses from a day earlier, when the Dow closed down 785 points.
This is a developing story. Please check back for updates.
: Traders work on the floor of the New York Stock Exchange during morning trading on April 17, 2026 in New York City. (Photo by Michael M. Santiago/Getty Images)
(NEW YORK) — Stocks surged and oil prices plunged in early trading on Friday after a senior Iranian official declared the Strait of Hormuz “completely open” for commercial traffic for the duration of the 10-day ceasefire between Israel and Lebanon.
The Dow Jones Industrial Average climbed 1,005 points, or 2%, while the S&P 500 jumped 1.2%. The tech-heavy Nasdaq increased 1.5%.
In a post on X on Friday, Iranian Foreign Minister Seyed Abbas Araghchi said: “In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire.”
President Donald Trump appeared to confirm the reopening of the strait in a message posted on social media on Friday morning.
“IRAN HAS JUST ANNOUNCED THAT THE STRAIT OF IRAN IS FULLY OPEN AND READY FOR FULL PASSAGE,” Trump said.
West Texas Intermediate futures, the benchmark index for U.S. oil prices, plunged more than 10%, registering at about $83 a barrel. The reading marked the index’s lowest level since mid-March.
Even so, U.S. oil prices remain about 30% higher than pre-war levels.
The U.S.-Israeli war prompted Iran’s effective closure of the strait, a critical waterway that facilitates the transport of 20 million barrels of oil per day, or about one-fifth of the global supply.
The move set off the “most severe oil supply shock in history,” the International Energy Agency said in a report this week. Oil prices notched their largest one-month rise ever in March, the Paris-based group said.
Gasoline prices in the U.S. registered at $4.07 on average per gallon on Friday, standing more than 30% higher than before the war, AAA data showed.
raders work on the floor of the New York Stock Exchange during morning trading on March 10, 2026 in New York City. Stocks continued to slide at the opening due to the war in Iran and oil prices hovering around $90 per barrel. (Photo by Michael M. Santiago/Getty Images)
(NEW YORK) — Oil prices surged and stocks tumbled worldwide in early trading on Thursday as Iran escalated shipping attacks in a critical tanker route.
Global crude spiked above $100 a barrel on Thursday before settling slightly below that key benchmark. The rise in oil prices defied a U.S. effort hours earlier to reassure markets with an announcement of the second-largest ever release from the nation’s petroleum reserve.
A selloff hit Wall Street as traders feared economic fallout from a potentially prolonged bout of elevated oil prices.
The Dow Jones Industrial Average fell 550 points, or 1.1%, while the S&P 500 dropped 0.8%. The tech-heavy Nasdaq declined 0.8%.
Oil markets are suffering a major supply shortage due to the near-closure of the Strait of Hormuz, a trading route that facilitates the transport of about one-fifth of the global oil supply.
This is a developing story. Please check back for updates.
Signage at an Apple Store in San Francisco (David Paul Morris/Bloomberg via Getty Images)
(NEW YORK) — Apple has agreed to settle a class-action lawsuit for $250 million after the tech giant was accused of marketing Apple Intelligence technologies that “did not exist” yet, according to a Tuesday court filing.
The settlement paves the way for payouts of up to $95 for iPhone users who purchased eligible devices between June 10, 2024, and March 29, 2025.
Plaintiffs in the suit asked a judge on Tuesday to approve the settlement, which they described as “within the range of what is fair, reasonable, and adequate,” according to the filing.
The settlement will provide class members up to $95 per device, “depending on claim volume and other factors,” the filing states.
The lawsuit, which was originally filed in March 2025, alleged the iPhone manufacturer “violated consumer protection laws when it advertised its new generation of iPhones as a breakthrough in artificial intelligence (‘AI’), including significant enhancements to Siri, iPhone’s digital assistant,” according to Tuesday’s court filing.
The lawsuit itself specifically accused Apple of introducing Enhanced Siri capabilities — such as AI-powered digital assistant recollection and calendar reminders — even though they “did not exist or were materially misrepresented.”
The plaintiffs also alleged Apple “saturated the market with deceptive ads” promoting that technology, which were “viewed widely by the Public” online and in ad spots during major broadcast events. They alleged that promotion led consumers to buy iPhones due to the perception that Siri had some of those enhanced AI features.
According to Tuesday’s settlement document, Apple has “maintained that its ads were not misleading because it disclosed from the outset the Apple Intelligence features would be delivered over time and continue to evolve.”
The company also “maintained that it successfully delivered more than 20 Apple Intelligence features” and argued that “consumers purchase new iPhones for any number of reasons that have nothing to do with Enhanced Siri features,” the settlement document states.
An Apple spokesperson confirmed the settlement in a statement to ABC News on Wednesday.
“Since the launch of Apple Intelligence, we have introduced dozens of features across many languages that are integrated across Apple’s platforms, relevant to what users do every day, and built with privacy protections at every step,” the spokesperson said. “These include Visual Intelligence, Live Translation, Writing Tools, Genmoji, Clean Up and many more.”
They added, “Apple has reached a settlement to resolve claims related to the availability of two additional features. We resolved this matter to stay focused on doing what we do best, delivering the most innovative products and services to our users.”
The settlement payout applies to a list of iPhone 15 and 16 devices, including the iPhone 16, iPhone 16e, iPhone 16 Plus, iPhone 16 Pro, iPhone 16 Pro Max, iPhone 15 Pro or iPhone 15 Pro Max, according to Tuesday’s filing.
The document notes there are approximately 37 million eligible devices.
The settlement will apply to those who purchased the eligible devices and “who reside in the United States and purchased an Eligible Device in the United States for purposes other than resale,” according to the document.
