Oil Prices Soar Above $100 per Barrel Amid Iran Tensions

Oil prices jumped above $100 per barrel for the first time since before Memorial Day as tensions with Iran continue to escalate.

The rise in oil prices has exacerbated worries about inflation and put pressure on the bond market, leading to a decline in stock futures. The S&P 500 fell 0.5%, while the Dow Jones Industrial Average dropped 340 points, or 0.7%, as of 1:54 p.m. Eastern time.

The increase in oil prices is also pushing up the price of gasoline, with an average cost of nearly $4.28 per gallon across the United States, a 34% rise from last year.