Oil Prices Surge Above $100 a Barrel Amid US-Iran Conflict

Stocks across Europe and Asia retreated Thursday following a downturn on Wall Street as oil prices surged above $100 a barrel for the first time since July.

The price of Brent crude jumped 3.4% on Wednesday, reaching $101.52 a barrel, while U.S. benchmark crude gained 0.4% to $96.42 a barrel.

The conflict between the U.S. and Iran has led to a significant reduction in oil traffic through the Strait of Hormuz, where a fifth of the world's oil supply passes.

Retailers were among the companies that pulled the market lower, with Amazon falling 1.8%, Starbucks losing 1.9%, and Home Depot dropping 1%.