Middle East Conflict Drives Oil Prices Past $100
Oil prices surged past $100 a barrel on Wednesday due to escalating conflict in the Middle East, which has fueled worries about energy-driven inflation. Brent crude futures rose as much as 3% to a session high of $100.95, breaching the symbolic price level for the first time since July 24.
The conflict between Iran and the US has raised concerns about oil supplies from the region. Iran said it fired ballistic missiles at a US base in Jordan, while both sides claimed to have attacked vessels, further exacerbating tensions.
As a result of the surge in energy prices, stock markets across the globe came under pressure, with Wall Street opening lower. The Dow Jones Industrial Average was down 0.75%, while the S&P 500 dropped 0.30% and the Nasdaq Composite fell 0.35%.