US stocks fell on Friday, with weakness in megacap stocks sending the three major US indexes to their lowest closing levels in six months, as the months-long Middle East war continued to dampen risk appetite.

The Dow Jones Industrial Average fell 792.67 points, or 1.72%, to 45,167.44. The S&P 500 fell 113.35 points, or 1.75%, to 6,363.75, while the Nasdaq Composite shed 459.72 points, or 2.15%, to 20,948.36.

Markets took some solace from US President Donald Trump’s announcement that he had given Iran 10 more days to reopen the Strait of Hormuz or face the destruction of its energy plants, after Iran rejected his proposals to end the war it started with Israel.

Secretary of State Marco Rubio said that the US It can achieve its objectives in Iran without the use of any ground troops and is expected to complete its operations within weeks despite the recent deployment of additional forces to the region.

US crude rose 5.46% to $99.64 a barrel and Brent rose 4.22% to settle at $112.57 a barrel, but were little changed on the week.

The Dow, S&P 500 and Nasdaq each suffered their fifth consecutive weekly decline, the longest such streak in nearly four years. On Thursday, the Nasdaq confirmed it was in correction territory — typically defined as a 10% decline from its previous high. Russell 2000, which was first on the reform path, confirmed it last Friday.

“Clearly, the overall tone has become very negative and now we’ve broken into correction territory,” said Ken Polcari, partner and chief market strategist at Slatestone Wealth in Jupiter, Florida.

“In the end, I would see this as a big opportunity, but wouldn’t be surprised if we see a drawdown of between 15% and 20% before it ends.”

The CBOE Volatility Index, considered Wall Street’s fear gauge, touched its highest level since March 9.

Megacaps were the biggest drag on the benchmark S&P index, with Nvidia down about 2% as the biggest weight, while Amazon fell about 4%.

Software shares were also under fresh selling pressure, with the S&P 500 software and services index falling to its lowest level since April 7. Along with pressure from Amazon, consumer discretionary stocks were the worst performers among 11 major S&P sectors, as cruise operator Carnival fell on a year-over-year basis. Fellow cruise operator Norwegian also fell sharply.

A rise in the price of oil, along with other products such as fertilizer, as a result of the Iran war has fueled inflation fears and dampened expectations that the Federal Reserve and other central banks have room to cut interest rates. According to CME’s FedWatch tool, money market participants are not pricing in any easing from the US Federal Reserve this year, compared with expectations of two cuts before the conflict erupted.

Markets are now pricing in a roughly 25% chance of at least a 25 basis point hike at the Fed’s October meeting. Philadelphia Fed President Anna Paulson acknowledged the risks to the economy from the war, but did not specify what it meant for monetary policy in the near term. The US Consumer sentiment hit a three-month low in March, raising concerns about the economy due to war in the Middle East.