Crude Oil Prices Surge Past $100 as US-Iran Conflict Escalates

US stocks fell on Wednesday as crude oil prices surged past $100 a barrel due to escalating tensions in the conflict between the US and Iran.

The price of Brent crude, the international standard, rose 2.8% to $100.62 a barrel, marking the first time it surpassed $100 since July.

Oil companies Exxon Mobil and Chevron saw gains of 2.5% and 2.3%, respectively, while retailers Amazon and Starbucks fell by 1.9% and 1.5%.

The conflict in Iran has led to disruptions in the Strait of Hormuz, where a fifth of the world's oil supply passes through, causing fuel prices in the US to rise by 32% from last year to $4.22 per gallon.