Oil Prices Soar Above $100 as Global Stocks Plummet
The global stock market experienced a downturn on Thursday, September 10, with shares in Europe and Asia falling across the board. The exception was Japan's Nikkei 225, which gained 0.2% to 65,270.95.
The price of U.S. crude oil rose above $100 per barrel for the first time since May, driven by ongoing tensions between the U.S. and Iran in the Strait of Hormuz. The conflict has severely impacted oil supplies, leading to higher prices worldwide. Brent crude jumped 3.4% on Wednesday to surge above $100 a barrel.
The European Central Bank raised its key interest rate by one-quarter point to combat inflation within the European Union. However, this move had little impact on the market, with stock indexes in Europe falling across the board. Germany's DAX fell 0.7%, while Britain's FTSE 100 dropped 0.2%.