New Delhi, May 28 -- US equity markets fell on Thursday as a sharp spike in crude oil prices followed intensifying military friction between Washington and Tehran. Compounding the market downturn, the Federal Reserve's preferred inflation metric climbed to a three-year peak in April.

At 10:01 a.m. ET, the Dow Jones Industrial Average fell 110.97 points, or 0.22%, to 50,533.31, the S&P 500 gained 1.71 points, or 0.02%, to 7,521.68 and the Nasdaq Composite lost 6.80 points, or 0.02%, to 26,667.93.

In early trading, the S&P 500 slipped 0.1%, the Dow Jones Industrial Average fell 328 points, and the Nasdaq Composite was 0.2% lower.

In a retaliatory move on Thursday, Tehran launched strikes against an American airbase. This escalation occur...