Oil Prices Soar to Highest Level Since May Amid Iran Conflict

Oil prices continued their upward trend on Thursday, reaching their highest levels since May. The price of Brent crude briefly surpassed $108 per barrel before settling at $107.63.

The rise in oil prices has several consequences, including higher inflation and a stronger bond market. As a result, stocks on Wall Street took a hit, with the S&P 500 falling 0.6% for its fourth consecutive loss.

President Donald Trump weighed in on the situation, stating that oil prices are unlikely to decrease until after the U.S. midterm elections in November.

The higher oil prices have also led to increased costs for consumers, with the average price of a gallon of regular gasoline reaching nearly $4.28 across the United States.