Brent Crude Surpasses $100 a Barrel Amid US-Iran Tensions

Global stock markets declined on Wednesday as Brent crude oil prices surpassed $100 a barrel for the first time since July, amid escalating tensions between the US and Iran.

The price of Brent crude rose 3.2% to $101.09 a barrel, driving much of the action on Wall Street.

The S&P 500 index fell 0.5%, while the Dow Jones Industrial Average dropped 346 points, or 0.7%. The Nasdaq composite also declined 0.7%.

Retailers were among the companies leading the market lower, with Amazon falling 2.1% and Starbucks declining 2%.