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

Wall Street stocks fell on Wednesday as tensions between the US and Iran escalated. The price of crude oil jumped above $100 a barrel, with Brent crude rising 2.8% to $100.62.

The S&P 500 index declined by 0.3%, while the Dow Jones Industrial Average dropped 407 points or 0.8%. The Nasdaq composite fell 0.4% as oil prices drove much of the market action.

Oil companies, however, saw their stocks rise. Exxon Mobil increased by 2.5% and Chevron rose 2.3%. The higher fuel costs are expected to continue cutting into household budgets and indirectly raise prices for goods due to shipping costs.