Oil Prices Soar Above $100 a Barrel Amid Iran Conflict

Oil prices have surpassed $100 a barrel for the first time since July, pushing shares in Europe and Asia lower on Thursday. The price of Brent crude jumped 3.4% to $101.52 a barrel, while U.S. benchmark crude gained 0.4% to $96.42 a barrel.

The surge in oil prices is largely due to the ongoing conflict between the U.S. and Iran, which has disrupted the flow of oil through the Strait of Hormuz. President Donald Trump stated that oil prices are unlikely to fall until after the U.S. midterm elections.

In Asia, Tokyo's Nikkei 225 reversed earlier losses to gain 0.2%, while Hong Kong's Hang Seng fell 1.3%. The Shanghai Composite index lost 0.4% and Australia's S&P/ASX 200 slipped 1.2%.