Commodities
Oil Prices Surge Above $100 a Barrel as Iran Conflict Escalates
The US war with Iran has escalated, leading to higher oil prices and market volatility on Wall Street. The price of Brent crude rose above $100 a barrel for the first time since July, reaching $100.62.
The conflict between the two nations began in February and has essentially shut down traffic in the Strait of Hormuz, where a fifth of the world's oil supply passes. The US destroyed five Iranian tankers on Tuesday, further escalating tensions.
As a result of the higher oil prices, retailers are among the companies leading the market lower. Amazon fell 1.9% and Starbucks fell 1.5%. However, oil companies like Exxon Mobil rose 2.5% and Chevron rose 2.3%.