Oil Price Spike Triggers Broad Stock Market Decline

Stocks on Wall Street fell sharply yesterday as oil prices surged back above $100 a barrel, driven by further escalation in the US war with Iran.

The S&P 500 index declined 0.3%, while the Dow Jones Industrial Average dropped 311 points, or 0.6%.

The price of Brent crude, the international standard, rose 3.3% to $101.18 a barrel, its first time surpassing $100 since July.

The jump in oil prices has fueled already high inflation, with gasoline prices up about 32% from last year to $4.22 per gallon and diesel reaching an all-time high of $5.94 a gallon overnight.