Stock Markets Slip as Oil Prices Surge Toward $100 After Houthi Attack on Saudi Aramco

US stock markets fell on September 8 as oil prices surged following the Houthi attack on Saudi Aramco facilities, with the S&P 500 dropping to around 7,707 points, down about 0.15 percent. Brent crude rose 2.23 percent to $99.16 a barrel while West Texas Intermediate crude climbed 3.26 percent to $94.46 a barrel, with oil edging toward the $100 mark as traders weighed the risk of further disruption to Gulf energy supplies.

Traders cited a combination of headwinds weighing on markets alongside the oil price spike, including escalating Iran-US tensions following tit-for-tat strikes, a trade dispute with Canada, and expectations of further interest rate hikes. Technology stocks were among the session's biggest decliners, with Apple down 2.55 percent, Alphabet down 2.10 percent and Microsoft down 2.05 percent, while some industrial and consumer names bucked the trend, with Caterpillar up 1.65 percent, Honeywell up 0.95 percent and Home Depot up 0.88 percent.