Oil soars 10% as 'largest supply disruption' in history worsens

The price of oil jumped more than 10%, as the war on Iran was "creating the largest supply disruption in the history of the global oil market."

The price of oil soared more than 10% on Thursday as the International Energy Agency warned the U.S.-Israeli war on Iran was "creating the largest supply disruption in the history of the global oil market."

The price of international Brent crude oil rose 9%, to more than $100 per barrel, while U.S. crude oil climbed above $96.

Stocks tumbled on the ripple effects the oil market disruption was causing. At the closing bell, the S&P 500 was down more than 1.5%, the Nasdaq had fallen 1.8%, and the Dow had slipped 740 points. The Russell 2000, which tracks small and mid-size companies, plunged 2%.

The average 30-year fixed-rate mortgage rose to 6.30%, the highest it has been since early February. It is being pushed higher by U.S. government bonds, which have also been rising because of the war.

"This absolutely dwarfs what we saw in the Russia-Ukraine crisis," Helima Croft, chief commodities strategist at RBC Capital Markets, said in an interview.