Oil Prices Surge Toward $100 as Middle East Facilities Hit Again

Middle East energy facilities were hit again, sending oil prices soaring toward $100 per barrel and triggering a sharp decline in US stocks. The Dow Jones Industrial Average plummeted 628 points to its largest single-day drop in nearly three weeks.

The explosions at Iran's critical oil export hub on Kharg Island in the Persian Gulf intensified market concerns over tightening global oil supply, causing Brent crude futures to climb to their highest level since late July.

Meanwhile, US stocks extended their decline on the first trading day after the Labor Day holiday. The S&P 500 and Nasdaq closed in negative territory as well, while semiconductor stocks bucked the trend with notable strength.

The Philadelphia Semiconductor Index rallied 1.30%, driven by chip giant Intel's shares surging 9% due to its High-NA EUV equipment integration into its Intel 18A process node for volume production.