Brent Crude Jumps to $100.69 as Middle East Tensions Rise

Brent crude oil prices surged to their highest level since May on Thursday, reaching $100.69 per barrel after attacks on two Saudi oil tankers in the Red Sea.

The increased tensions in the Middle East have raised concerns about global oil supplies and sent shockwaves through financial markets.

Wall Street stocks suffered significant losses, with the S&P 500 falling 1.2%, the Dow Jones Industrial Average dropping 506 points (1%), and the Nasdaq composite sinking 2.2%.

The sharp drop in stocks was largely driven by rising oil prices, which increase costs for businesses and erode consumers' purchasing power.