Oil Prices Surge Past $101 Per Barrel, Dragging Down US Stocks

Oil prices surged Monday to over $101 per barrel, pushing US stocks lower. The price of Brent crude rose above its pre-attack level by late February, when it was around $72.

The increase in oil prices has helped drive up inflation, with the average price for a gallon of regular gasoline now at nearly $4.48, up from $3.13 a year ago.

The rise in oil prices also had an impact on airline stocks, with American Airlines falling 2.5% and United Airlines losing 2.2%. The price of gold sank 3.5%, weakening its reputation as a protection against high inflation.