Oil Prices Soar Above $100 as Iran Tensions Mount

Oil prices surged above $100 per barrel for the first time since before Memorial Day, as tensions with Iran continue to disrupt global crude supplies. The price of Brent crude climbed 6.1% and reached a high of over $105 per barrel, while U.S. oil rose 6%.

The jump in oil prices is exacerbating concerns about inflation, which accelerated to 5.4% at the wholesale level last month. This increase could lead retailers to pass on higher costs to consumers through price hikes.

Stock markets are also feeling the pressure, with the S&P 500 falling 0.5% and the Dow Jones Industrial Average down 340 points. The Federal Reserve may respond by raising interest rates, which would make borrowing more expensive for households and businesses.