Commodities
Oil Prices Surge Above $100 Amid Ongoing Tensions With Iran
The price of US crude oil rose above $100 for the first time since May due to ongoing tensions between the US and Iran. The conflict has stifled oil traffic through the Strait of Hormuz, where a fifth of the world's oil supply passes.
The Brent crude price surged 3.4% on Wednesday, reaching $101.52 a barrel, while U.S. benchmark crude gained 0.4% to $96.42 a barrel.
US stock futures fell, with the S&P 500 down 0.5% and the Nasdaq off by 1.1%, as retailers like Amazon, Starbucks, and Home Depot pulled the market lower.