Oil Prices Soar Above $100 as US-Iran Conflict Continues

Global stock markets experienced a downturn on Thursday, following a decline on Wall Street. The price of Brent crude oil surged above $100 a barrel for the first time since July, reaching $101.52 per barrel. This increase was driven by the ongoing conflict between the US and Iran, which has led to disruptions in oil traffic through the Strait of Hormuz.

The S&P 500 index futures rose 0.2% on Thursday, while Dow Jones Industrial Average futures gained 0.4%. However, shares in Europe and Asia were mostly lower, with the DAX falling 0.2% to 25,535.88. The CAC 40 in Paris edged up 0.2%, but Britain's FTSE 100 lost 0.2%.

The conflict between the US and Iran has resulted in higher oil prices, pushing gasoline costs up by about 32% from a year ago to $4.22 per gallon. Diesel prices have also reached an all-time high of $5.94 per gallon. The Producer Price Index for August is expected to show that inflation remains above 3%, surpassing the Federal Reserve's target rate of 2%. US Treasury yields are also rising, making it more expensive for companies to borrow money and weighing down other investments.