Oil Price Surge Triggers Wall Street Losses Amid Mideast Tensions

Wall Street stocks are poised to open lower after Brent crude oil prices surged past $98 per barrel, driven by escalating tensions in the Middle East. The price of Brent oil jumped 7% to settle at $100.69, with some contracts touching $102 during the day - its highest price since May.

The increase in oil prices is a concern for businesses as it raises their costs and erodes consumers' ability to spend. This has led to sharp drops in stocks of companies with big fuel bills, such as American Airlines, which fell 8.4% despite reporting a bigger profit than expected. It raised airfares to offset higher fuel prices.

The S&P 500 index fell 1.2%, while the Dow Jones Industrial Average dropped 506 points or 1%. The Nasdaq composite sank 2.2%.