Stock Market News: The Dow Falls 500 Points

Crude futures shake off early uncertainty and settle higher as geopolitical tensions keep alive market concerns about tight supplies.

"The escalation of tensions in both Iran and Ukraine, coupled with OPEC+ confirming the continuation of production cuts until June, has fueled this extension of gains," says Rebecca Babin, senior energy trader at CIBC Private Wealth US in emailed comments.

While the outlook is positive for the next few months, downside risks include the possibility of OPEC+ bringing back some production, a possible weakening of demand and fewer-than-expected Fed interest-rate cuts, Babin adds.