Commodities
Oil Prices Soar Past $100 as Middle East Tensions Escalate
Oil prices have surged to their highest levels since before the summer, reaching $107.63 per barrel for Brent crude, as tensions in the Middle East continue to impact global supply.
The increase has worsened concerns about inflation and put pressure on the bond market, contributing to a decline in stocks on Wall Street.
The S&P 500 fell 0.6% for its fourth straight loss, while the Dow Jones Industrial Average dropped 316 points or 0.6%, and the Nasdaq composite sank 0.7%
The rising oil prices have also driven up gas costs, with a gallon of regular gasoline averaging nearly $4.28 across the US, a 34% increase from last year.