By STAN CHOE, AP Business Writer

NEW YORK (AP) — Oil prices are jumping again Thursday as increased fighting in the Middle East threatens to slow the global flow of crude. Wall Street, meanwhile, is sinking following sharp drops for two of its most influential stocks, Alphabet and Tesla.

The S&P 500 dropped 1% and may be heading for its first back-to-back weekly loss since March. The Dow Jones Industrial Average was down 516 points, or 1%, as of 10 a.m. Eastern time, and the Nasdaq composite was 1.8% lower.

Stocks sank under the pressure of rising oil prices, which raise costs for many businesses and limit their customers’ ability to spend. The price for a barrel of Brent crude oil, the international standard, climbed 6.7%…