Brent Oil Surges Past $100 as US-Iran Tensions Escalate

The Brent oil benchmark surpassed $100 per barrel for the first time since late July after US-Iran hostilities in the Middle East escalated, fueling concerns over widespread price increases and interest rate hikes.

As a result of the renewed tensions, crude prices rose by more than three percent, with Brent peaking at $101.55 per barrel.

This surge in oil costs dragged down stock markets, particularly on Wall Street, where the Dow fell 0.8 percent in late morning trading.