Commodities
Oil Prices Reach $100 a Barrel Amid Iran Tensions
Oil prices have surged to over $100 a barrel for the first time since May, sparking concerns about inflation and its potential impact on the US economy.
The global benchmark Brent crude price topped $100 a barrel after President Trump warned that Iran could soon face 'major military punishment', contributing to the increase in oil prices.
As a result of this surge, the US oil price jumped by 6.2% to $92.19 a barrel.
The inflation-triggering threshold of $100 a barrel is seen as a threat to the economy and could also affect Republican midterm election hopes.