(Il Sole 24 Ore Radiocor) - Milano, 20 mar - US shares were trading sharply lower, and are on track for a fourth week of losses, as investors focused on the latest developments in the Iran war.

Oil remained volatile after a media report claiming Washington was considering occupying or blockading Kharg Island as a way of pressuring Iran into reopening the Strait of Hormuz, a critical chokepoint for global oil trade.

The US is stepping up efforts to get tankers moving again through the Strait after telling its ally Israel not to target Iranian gas fields.

Tehran meanwhile continues to target energy infrastructure in the Gulf with a refinery in Kuwait the latest asset to come under attack.

Meanwhile, Federal Reserve governor Christopher Waller said he was cautious about current economic conditions but said an interest rate cut may be possible later this year if the labor market stayed weak.

At 1843 GMT, the Dow Jones was down 494.91 points, or 1.08%, at 45,526.52 points.

The S&P 500 was 98.99 points, or 1.50%, lower at 6,507.50 points.

The Nasdaq was losing 446.04 points, or 2.02%, at 21,644.65.

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(RADIOCOR) 20-03-26 19:50:01 (0613) 5 NNNN