Oil holds above $100 and stocks fall as Khamenei targets Hormuz

Oil prices held around $100 Friday and most equity markets dropped after Iran's leader called for the blocking of the crucial Strait of Hormuz and opening up of new fronts in the war against the United States and Israel.

With the conflict heading towards its third week and showing no signs of ending, investors are growing increasingly worried about an extended crisis that could fan inflation and hammer the global economy.