Dow plunges 700 points as US-Iran missile strikes spike oil, markets await Fed decision

Published Jul 29, 02:14 PM UTC

On July 29, 2026, the Dow Jones Industrial Average fell 700 points (1.3%) as escalating military conflict between the U.S. and Iran drove oil prices sharply higher. WTI crude oil futures surged 6.3% to $84.24 a barrel, and Brent crude jumped 6.4%. The broader S&P 500 dropped 0.5%, while the Nasdaq Composite fell 0.6%. The sell-off occurred ahead of the Federal Reserve's interest-rate decision and a busy earnings season. The article notes that the Dow later fell 1,100 points after the Fed press conference, indicating heightened market volatility driven by geopolitical tensions and monetary policy uncertainty.