Oil Prices Surge Above $100 as US-Iran Conflict Escalates

Stocks on Wall Street fell sharply on Wednesday as oil prices surged above $100 a barrel for the first time since July. The escalation of the US-Iran conflict is driving up crude oil prices, with Brent crude rising 3% to $100.87 per barrel.

The price jump is fueling already-high inflation, which has risen 32% in gasoline prices over the past year to $4.22 per gallon. Higher fuel costs directly impact household budgets and indirectly raise prices for goods due to increased shipping costs.

Rising Treasury yields are also weighing down stocks, with the yield on the 10-year Treasury reaching its highest point since October 2023 at 4.83%.