Oil Prices Soar Above $100 Amid Iran Tensions

Oil prices are climbing again, reaching levels not seen since before the summer as the ongoing war with Iran continues to disrupt global oil flows. This increase in oil prices is contributing to worries about inflation and putting pressure on the bond market.

The S&P 500 fell by 0.6% and is headed for a fourth consecutive loss, but it's still near its record high set last month. The Dow Jones Industrial Average dropped 153 points, or 0.3%, and the Nasdaq composite lost 0.9% as of 9:35 am Eastern time.

The price of Brent crude rose by another 4% to over $105 per barrel for the first time since May, while US benchmark crude increased by 3.8% and briefly surpassed $100 a barrel for the first time since before Memorial Day.