A number of stocks fell in the afternoon session after escalating geopolitical tensions in the Middle East sparked a surge in oil prices and stoked fears of a wider economic conflict, as Trump warned the conflict could last up to a month.

The sell-off was broad, with the Dow Jones Industrial Average falling by more than 1,000 points, while the S&P 500 and Nasdaq Composite each dropped over 2%. Investor anxiety centered on a conflict involving Iran, which reportedly led to the shutdown of the Strait of Hormuz, a critical channel for global oil shipping. The disruption sent oil prices soaring, with international benchmark Brent crude topping $84 a barrel. These higher energy costs are fueling concerns about worsening inflation, which could further pressure households and businesses, and investors are growing worried that a prolonged conflict could inflict sustained damage on the global economy.

The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks.

Among others, the following stocks were impacted:

Beverages, Alcohol, and Tobacco company Brown-Forman (NYSE:BF.B) fell 2.7%. Is now the time to buy Brown-Forman? Access our full analysis report here, it’s free.

Beverages, Alcohol, and Tobacco company Philip Morris (NYSE:PM) fell 3.3%. Is now the time to buy Philip Morris? Access our full analysis report here, it’s free.

Shelf-Stable Food company Utz (NYSE:UTZ) fell 2.7%. Is now the time to buy Utz? Access our full analysis report here, it’s free.

Philip Morris’s shares are not very volatile and have only had 2 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business.

Philip Morris is up 10.9% since the beginning of the year, and at $177.79 per share, it is trading close to its 52-week high of $189.80 from February 2026. Investors who bought $1,000 worth of Philip Morris’s shares 5 years ago would now be looking at an investment worth $2,088.

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