US equity indexes slumped ahead of Friday's close as crude oil futures jumped after Secretary of State Marco Rubio reportedly said that the Iran war is likely to end within "weeks."
The Nasdaq Composite sank 2.1% to 20,967.2, with the S&P 500 down 1.6% to 6,373.7, and the Dow Jones Industrial Average 1.7% lower at 45,181.4.
The US expects its operation against Iran to conclude within weeks, not months, and Washington can meet all its objectives without using ground troops, Reuters cited Secretary of State Marco Rubio as saying on Friday.
Rubio told reporters after meeting G7 counterparts in France that Washington was "on or ahead of schedule in that operation, and expect to conclude it at the appropriate time here - a matter of weeks, not months."
This comes as the Wall Street Journal reported that the Trump administration is considering sending 10,000 more troops to the region, on top of the 5,000 already committed to the war.
Meanwhile, President Donald Trump, who is reportedly weighing using ground forces to seize Iran's strategic oil hub of Kharg Island, extended a deadline for Iran to reopen the Strait of Hormuz and prevent an attack on its energy infrastructure to April 6.
Iran hasn't asked the US for a pause on strikes on its energy plants and is yet to deliver a final response to the Trump administration's 15-point proposal to end the war, the Wall Street Journal reported, citing peace talk mediators.
West Texas Intermediate crude oil futures surged 6.2% to $100.33, and Brent crude futures soared 5.5% to $113.90.
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