Brent Crude Surpasses $100 as Global Markets Falter
Global markets are experiencing losses as the price of Brent crude oil surpasses $100 per barrel. This milestone comes after a surge in oil prices following recent attacks between the U.S. and Iran, which have stifled the flow of oil shipments through the Strait of Hormuz.
The S&P 500 fell 0.3% on Wednesday, while the Dow Jones Industrial Average lost 320 points, or 0.6%, and the Nasdaq composite declined 0.5%. The price of Brent crude jumped 3% to reach $100.70 per barrel, with U.S. crude gaining 2.4% to $95.28 per barrel.
The increase in oil prices has led to higher gasoline costs, with regular gasoline averaging $4.22 per gallon, a 7-cent rise from the previous day. Diesel prices have also reached an all-time high of $5.94 per gallon and continue to climb.