Oil Prices Soar Above $100 as Tensions with Iran Escalate

Oil prices continued their upward trend on Thursday, climbing above $100 per barrel for the first time since before Memorial Day. The price of Brent crude, the international standard, rose by 3.5% and briefly topped $105 per barrel.

The increase in oil prices is largely attributed to the ongoing war with Iran, which has clogged the global flow of crude and reduced hopes for a deal to fully reopen the Strait of Hormuz. This has worsened worries about inflation and put pressure on the bond market, causing stocks to fall.

The S&P 500 fell 0.6% and is on track for a fourth straight loss, but it's not far from its all-time high set last month. The Dow Jones Industrial Average was down 296 points, or 0.6%, as of 10:15 a.m. Eastern time.