S&P 500 Suffers Worst Week Since March as Oil Nears $100
The S&P 500 has experienced its worst week since March 2023 as oil prices surge towards $100 per barrel. Brent crude rose by 4.6% to settle at $94.65 on September 1, and continued climbing throughout the week, reaching a price of $99.38 by September 3.
The increase in oil prices is largely attributed to escalating Middle East tensions, which have raised concerns about supply disruptions and potential economic stress. Geopolitical risks are weighing heavily on investor sentiment, causing U.S. stock futures to fall on September 8 as Brent crude rose to multi-week highs.
Historically, a price above $100 per barrel has signaled sustained supply concerns and triggered further market declines. Analysts have noted that rising Treasury yields have compounded selling pressure on equities, making early-month weakness more pronounced in September, which is traditionally the weakest month for stocks.