NEW YORK (AP) — Another climb for oil prices shook stock markets on Friday, as hopes collapsed for a possible cut to interest rates this year by the Federal Reserve.

The S&P 500 fell 1.5% to close its fourth straight losing week, its longest such streak in a year. The Dow Jones Industrial Average dropped 443 points, or 1%, and the Nasdaq composite tumbled 2%.

The market’s losses deepened after oil prices erased an early dip and accelerated in the afternoon. Brent crude, the international standard, rose 3.3% to settle at $112.19 per barrel. Benchmark U.S. crude gained 2.3% to $98.32 per barrel.

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