Brent Crude Surpasses $100 as Global Markets Reel

The global stock market is experiencing a downturn as Brent crude oil prices surpass $100 per barrel for the first time in nearly six weeks. The surge in oil prices follows recent violence between the US and Iran, which has disrupted the flow of oil shipments through the Strait of Hormuz.

Brent crude rose 2.8% to hit $100.70 a barrel, while benchmark US crude increased by 2.4% to $95.28 a barrel. This has led to higher gasoline prices, with the average price for a gallon of regular gasoline reaching $4.22, a 7-cent increase from the previous day.

The stock market is reflecting this volatility, with the S&P 500 falling 0.3%, the Dow Jones Industrial Average dropping 320 points (0.6%), and the Nasdaq composite decreasing by 0.5%. The US dollar also fell to 153.55 Japanese yen from 153.99.

Market watchers are anticipating the release of inflation data, with the Consumer Price Index due on Friday. Economists expect consumer inflation to have eased slightly to 3.3% from July's 3.4%, still above the Federal Reserve's target of 2%. The Fed meets next week to decide whether to cut or raise interest rates.