US stocks close lower; Dow Jones Industrial falls 470 pts

US stocks closed lower on Thursday, erasing the previous session’s gains, as ongoing Middle East tensions and a sharp rise in oil prices weighed on sentiment.

The Dow Jones Industrial Average fell 1%, or 469 points, to 45,960. The S&P 500 dropped 1.74% to 6,477, while the Nasdaq Composite slid 2.38% to 21,408, entering correction territory after falling more than 10% from its 52-week high.

In Europe, the Stoxx Europe 600 declined 1.13% to 580. The UK’s FTSE 100 fell 1.33% to 9,972 points, Germany’s DAX dropped 1.50% to 22,612, and France’s CAC 40 lost 0.98% to 7,769.

In Asia, Japan’s Nikkei 225 edged down 0.25% to 53,603, and the broader Topix fell 0.20% to 3,642.

Oil prices surged, with Brent crude futures for May delivery rising 5.66% ($5.79) to $108.01 per barrel, while US Nymex crude futures for May delivery gained 4.61% ($4.16) to $94.48.

Gold prices, however, fell, with April futures down 3.86% ($176) to $4,376.30 per ounce.

Market sentiment was pressured by uncertainty after Donald Trump urged Iran to take negotiations seriously, amid reports that Tehran is reviewing a US peace proposal while denying plans for direct talks.