Oil Prices Surge Above $100, Weighing on US Stock Market

Oil prices rose on Monday, putting pressure on the US stock market and contributing to inflation worries.

The price of Brent crude oil briefly surged above $101 per barrel in the morning but then dropped back to $97.61, a 0.2% increase.

This sent shockwaves through the market, causing the S&P 500 to fall 0.6%, the Dow Jones Industrial Average to drop 222 points (0.4%), and the Nasdaq composite to decline 0.6%.

The rise in oil prices has been a concern for weeks due to uncertainty over the Strait of Hormuz, through which tankers transport oil from the Middle East to customers worldwide.