Commodities
Oil Price Surge above $100 Per Barrel Weighs on US Stocks
US stock markets declined on Thursday as oil prices surged above $100 per barrel for the first time since 2014. The Associated Press reported that Brent crude, an international benchmark, rose to a high of $103.28 per barrel. In contrast, US West Texas Intermediate (WTI) crude oil prices jumped to $99.24 per barrel.
The increase in oil prices was attributed to concerns about global supply disruptions and strong demand for the commodity. Analysts noted that tensions between Russia and Ukraine were contributing to the surge in oil prices.