Dow down 1.09%, or 500 points, as S&P 500 sees a small loss and tech-heavy Nasdaq rises slightly

US stock markets fell on Wednesday as the US continued strikes on Iran and the Federal Reserve flagged concerns that would warrant higher interest rates.

Donald Trump’s declaration at the Nato summit in Ankara that the Iran-US ceasefire is over sent oil prices sharply higher on Wednesday. Brent crude, the global benchmark, jumped more than 5% to crest $80 a barrel. US stocks fell in step, with the Dow down 1.09%, or 500 points, at closing Wednesday afternoon. The S&P 500 saw a small loss while the tech-heavy Nasdaq rose slightly. Global stocks had fallen earlier in the day, with the UK’s FTSE 100 down 1% as Japan’s Nikkei fell 2.1%.