Commodities
Oil Prices Soar Above $100 as US-Iran Conflict Continues
The price of US crude oil rose above $100 for the first time since May, while Brent crude climbed to over $105 per barrel.
The surge in oil prices is due to the ongoing war between the US and Iran, which has disrupted the flow of crude through the Strait of Hormuz.
The increase in oil prices is causing concerns about inflation, with gas prices up 32% from a year ago to $4.22 per gallon.
The European Central Bank raised its key interest rate by one-quarter point to combat inflation in the European Union, but this move did not seem to have an immediate impact on US markets.