Oil Prices Surge Again as US-Iran War Disrupts Global Supplies
Oil prices have surged again, reaching levels not seen since May, as the ongoing war between the US and Iran disrupts global crude supplies. This development is exacerbating inflation concerns and putting pressure on the bond market, which in turn has contributed to a decline in stocks on Wall Street.
The S&P 500 index fell by 0.6% on Thursday, marking its fourth consecutive loss. The Dow Jones Industrial Average dropped 300 points (or 0.6%), while the Nasdaq composite declined by 0.9%. Brent crude oil prices rose 4.1%, surpassing $105 per barrel for the first time since May.
The price of US crude oil also surpassed $100 per barrel for the first time this week, a level not seen since May. The ongoing conflict is expected to continue affecting global oil supplies and exacerbating inflation concerns.