Oil Prices Surge Above $100 Per Barrel Amid Escalating Tensions Between U.S. And Iran

Global markets experienced a downturn on Thursday as oil prices surged above $100 per barrel. The price of Brent crude jumped 3.4% on Wednesday, reaching its highest level since July, and added another 0.3% early Thursday to trade at $101.52 per barrel.

The U.S. benchmark crude also gained 0.4% to $96.42 per barrel, as tensions between the U.S. and Iran continued to escalate. The conflict has led to a disruption in oil shipments through the Strait of Hormuz, where a fifth of the world's oil supply passes.

The increased oil prices had a ripple effect on global markets, with shares in Europe and Asia mostly lower on Thursday. The S&P 500 future rose 0.2%, while the DAX fell 0.2% to 25,535.88.

Retailers were among the companies that pulled the market lower, with Amazon falling 1.8% and Starbucks losing 1.9%. However, energy stocks rose as oil companies notched gains, with Exxon Mobil rising 2.2% and Chevron adding 1.9%.