Oil Prices Surge to $100 per Barrel as Middle East Tensions Rise

Brent oil prices surged to their highest point since May, reaching $100.69 per barrel on Thursday, as tensions in the Middle East escalated and threatened global crude supplies.

The increase was driven by attacks on two Saudi oil tankers in the Red Sea, which raised concerns about another key shipping route being disrupted along with the Strait of Hormuz.

The S&P 500 suffered its worst loss in a month, falling 1.2%, while the Dow Jones Industrial Average dropped 506 points and the Nasdaq composite sank 2.2%.

Tesla led losses among major stocks, plummeting 14.5% after reporting weaker-than-expected earnings, while Alphabet's stock fell 7.1% despite strong profit and revenue numbers due to investor unease over AI investments.