Oil Prices Soar to Pre-Summer Levels, Drag Wall Street Lower

Oil prices have climbed back to levels seen in May, and this has dragged Wall Street lower. The S&P 500 fell 0.6% on Thursday, and it's now on track for a fourth straight loss.

The Dow Jones Industrial Average dropped 296 points, or 0.6%, as of 10:15 a.m. Eastern time, while the Nasdaq composite was 0.8% lower. Stocks were pushed down by rising oil prices.

Brent crude climbed another 3.5%, reaching its highest point since May at over $105 per barrel. The price for U.S. benchmark crude rose 3.7% and briefly topped the $100 level for the first time since before Memorial Day.