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

Wall Street stocks took a hit on Wednesday as oil prices surged past $100 a barrel for the first time since July, driven by escalating tensions in the U.S.-Iran conflict.

The S&P 500 index fell 0.5%, while the Dow Jones Industrial Average dropped 346 points, or 0.7% as of 12:45 p.m. Eastern time.

The losses were broad, with retailers leading the market lower. Amazon shares plummeted 2.1%, and Starbucks declined 2%. In contrast, oil companies Exxon Mobil rose 1.8% and Chevron increased by 1.4%

The price of Brent crude, the international standard, jumped 3.2% to $101.09 a barrel.