02:15 PM EDT, 03/19/2026 (MT Newswires) -- US benchmark equity indexes were lower intraday, while oil prices rose as tensions escalated in the Middle East.

The Dow Jones Industrial Average and the Nasdaq Composite were down 0.9% each at 45,822.6 and 21,954.59, respectively, after midday Thursday. The S&P 500 fell 0.7% to 6,576.3. Barring energy, all sectors were in the red, led by a 2.3% slump in materials.

Brent crude was up 1.3% at $108.70 a barrel, having briefly traded slightly above $119 earlier in the session. West Texas Intermediate crude rose 0.5% to $97.03 per barrel.

Oil prices jumped after Iran struck energy infrastructure across the Middle East, including a key liquefied natural gas export facility in Qatar.

Previously, Israel struck Iran's South Pars gas field, which triggered a warning from Tehran's Islamic Revolution Guards Corps to hit certain energy facilities in Saudi Arabia, the United Arab Emirates and Qatar.

The escalation of the Middle East conflict has sparked fears of a more prolonged disruption to Persian Gulf energy supplies, ING Bank said in a report Thursday.

"The move to strike Iranian energy assets is odd, given that the US administration has been trying over the last couple of weeks to ease the upward pressure on oil prices," ING said. "Attacks on energy infrastructure eclipse these factors and, especially amid retaliation, point to additional upside for prices."

The US has prepared a supply response aimed at mitigating the impact of potential temporary disruption around the Strait of Hormuz, the world's most important chokepoint for crude flows, Fox Business reported Thursday, citing Treasury Secretary Scott Bessent.

The Trump administration had already moved to "unsanction" Russian oil cargoes already on the water and could do the same with approximately 140 million barrels of Iranian oil in floating storage, Bessent reportedly said.

US Treasury yields were higher intraday, with the 10-year rate up 1.6 basis points at 4.27% and the two-year rate jumping 10.6 basis points to 3.85%.

In economic news, new-home sales in the US dropped more than estimated in January even as prices moved lower, delayed government data showed Thursday.

"We expect some rebound in sales, but the bounce back will likely be muted by the impact of the US-Israel war with Iran, which has pushed interest rates higher and is expected to delay the improvement we expected in the labor market," Oxford Economics said in a note.

Gold tumbled 5.9% to $4,606.70 per troy ounce, while silver plunged 8.1% to $71.31 per ounce.

In company news, Alibaba Group ( BABA ) posted lower-than-expected fiscal third-quarter earnings, while the Chinese e-commerce giant's revenue fell short of estimates despite double-digit growth in its cloud business. The company's US-listed shares were down 6.4% intraday.

Micron Technology ( MU ) shares were down 4%. The semiconductor manufacturer late Wednesday flagged higher spending plans amid memory supply constraints.

Accenture ( ACN ) raised its 2026 expectations Thursday amid strong demand for the consulting firm's artificial intelligence solutions, saying its guidance does not assume the worst-case scenario regarding the Middle East conflict. The company's shares were up 4.6%, among the top gainers on the S&P 500.

Parcel delivery giant FedEx ( FDX ) is scheduled to report results after the closing bell Thursday, along with others.