Oil Prices Soar Above $100 as US-Iran Tensions Escalate

Stocks plummeted on Wall Street as the price of crude oil surged above $100 per barrel, driven by escalating tensions between the US and Iran.

The S&P 500 fell 0.3% on Wednesday, with the Dow Jones Industrial Average losing 320 points (0.6%) and the Nasdaq composite dropping 0.5%.

The price of Brent crude oil jumped 2.8% to $100.70 a barrel, its highest level in nearly six weeks, while benchmark US crude gained 2.4% to $95.28 a barrel.

Gasoline prices rose accordingly, with the average price for a gallon reaching $4.22, more than a dollar above what it cost at this point last year, according to AAA.