The Dow Jones Industrial Average dropped 1,153 points, or 2.2%, and the Nasdaq composite slumped 1.7% to fall 9.8% below its record set last month. The action was more decisive in the oil market, where the price of Brent crude leaped 7.3% to settle at $88.09 per barrel after fighting resumed in the war with Iran and raised worries about the global flow of oil. Higher rates can keep a lid on inflation, but they can also slow the economy and undercut prices for stocks and other investments. That’s up from 3.97% before the war with Iran sent oil prices much higher, and the increase has already sent long-term U.S. mortgage rates to their highest level in nearly a year. The skepticism has hit South Korea’s stock market in particular because it’s dominated by two tech giants, Samsung Electronics and SK Hynix.