Oil Prices Soar Past $100 Barrel Amid Escalating US-Iran Conflict

Global oil prices crossed $100 a barrel for the first time since May after Houthi militants in Yemen claimed to have struck two Saudi tankers in the Red Sea. The reported attack, combined with continued strikes between the United States and Iran, threatened to worsen an oil shock that had already become one of the largest in history.

Brent crude futures briefly topped $100 a barrel on Thursday morning before dropping to $99.70, marking a roughly 28% increase over the past month. This catapulted crude prices to their highest level since May 26.

The surge in oil prices led to a decline in major stock indexes, with the Dow Jones Industrial Average falling 375 points or 0.7%, and the S&P 500 declining 0.7%. The tech-heavy Nasdaq dropped 1.4%.