Oil Prices Soar Above $100 Per Barrel Amid Iran Conflict

Markets on Wall Street are experiencing a downturn as oil prices surge above $100 per barrel for the first time since July. The recent escalation of the conflict between the U.S. and Iran is causing concerns about the flow of oil through the Strait of Hormuz, leading to higher Brent crude prices.

The S&P 500 index fell by 0.5% on Wednesday, while the Dow Jones Industrial Average dropped by 346 points or 0.7%, and the Nasdaq composite declined by 0.7%. The price jump of over 3% puts Brent crude back above $100 per barrel.

Treasury yields also rose as a result of the increasing oil prices. Markets in Europe experienced similar falls, while markets in Asia were mixed.