Brent Crude Surpasses $100 a Barrel Amid Ongoing US-Iran Conflict

Global shares took a hit on Wednesday as Brent crude oil prices surpassed $100 a barrel for the first time since July. The U.S. war with Iran continues to escalate, with five Iranian tankers destroyed by the U.S. in recent attacks.

The price of Brent crude rose 3% to $100.87 a barrel, driving much of the action on Wall Street. Oil companies like Exxon Mobil and Chevron saw significant gains, while retailers such as Amazon and Starbucks led the market lower.

Higher oil prices have fueled already high inflation, with gasoline prices in the U.S. up 32% from last year to $4.22 per gallon. The average price for a gallon of diesel reached an all-time high on Friday and has continued to climb since.