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

Asian markets declined on Thursday, following a sell-off on Wall Street. The price of Brent crude oil jumped 3.4% to over $100 a barrel on Wednesday and held steady at $100.39 early Thursday. U.S. benchmark crude lost 0.6% to $95.52 a barrel.

The ongoing conflict between the U.S. and Iran has disrupted oil supplies through the Strait of Hormuz, where nearly a fifth of global oil shipments pass. The disruption has pushed oil prices higher, contributing to rising fuel costs for consumers. Gasoline prices in the U.S. have increased by 32% from last year's levels.

The conflict is expected to continue affecting markets, with President Donald Trump stating that oil prices may not decline until after the U.S. midterm elections. The Producer Price Index and Consumer Price Index reports are due later this week, which will provide insight into inflation rates in the U.S.