U.S. stocks slumped on Tuesday under the weight of another jump for the price of oil. It was a return to form for financial markets after Wall Street’s worries about Israel’s fighting with Iran had seemed to calm a bit on Monday.

Oil prices stabilised on Wednesday after a surge fueled by fears of escalating US-Iran conflict, triggered by President Trump's aggressive statements and potential Israeli strikes. Concerns about disrupted crude supplies through the Strait of Hormuz heightened market volatility.

Brent crude futures gained 0.4% at $76.78 per barrel, while U.S. West Texas Intermediate crude prices rose 0.4% at $73.57 per barrel at 11:54 pm ET.