Oil Prices Soar Above $100 a Barrel Amid Escalating US-Iran Tensions

Stocks on Wall Street took a hit Wednesday as oil prices jumped back above $100 a barrel following further escalation in the US war with Iran.

The S&P 500 index fell 0.4%, while the Dow Jones Industrial Average dropped 297 points, or 0.6%, by 2:01 p.m. Eastern time.

Oil prices drove much of the market's action, with Brent crude rising 3% to $100.87 a barrel, its first time above $100 since July.

The jump in oil prices has fueled high inflation, which was already an issue before the US started its war against Iran due to the ongoing trade war with much of the world.