US Crude Oil Hits $100 Per Barrel Amid Ongoing Iran Conflict
The price of US crude oil hit $100 per barrel for the first time since mid-May on Thursday, as markets continued to grapple with the ongoing conflict between the US and Iran.
President Trump's comments earlier this week suggested that a deal with Iran was unlikely, and he stated that oil prices would not fall until after the November midterm elections.
The jump in oil prices has sent shockwaves through global markets, driving up the national average gas price by 5 cents overnight to $4.27, while diesel fuel rose 3 cents to $5.97.
The surge in energy costs has also triggered concerns about inflation, with the 10-year Treasury yield touching 4.9%, its highest level since 2023, and the 30-year Treasury yield spiking to 3.34%, its highest level since 2007.