Wall Street falls as crude tops $101; Dow tumbles over 300 points

Oil's return above the $100-a-barrel mark pushed Wall Street lower on Wednesday, as the intensifying US-Iran conflict raised fresh concerns over fuel costs and inflation.Brent crude, the international benchmark, climbed 3.3% to $101.18 a barrel, crossing $100 for the first time since July. The move came after the US destroyed five Iranian tankers on Tuesday in a series of attacks between the two countries.The conflict, which began in February, has effectively brought traffic through the Strait of Hormuz to a halt. Before the war, the waterway carried a fifth of the world's oil supply.The rise in crude weighed on major US indices. The S&P 500 fell 37.04 points, or 0.48%, to 7,636.48. The Nasdaq declined 185.765 points, or 0.70%, to 26,235.647. The Dow Jones Industrial Average dropped 389.86 points, or 0.74%, to 52,396.21.The decline was widespread, with retailers among the companies pulling the market lower.