Commodities
US-Iran Tensions Spark Oil Price Surge
Stocks plummeted on Wall Street as oil prices surged past $100 a barrel amid escalating tensions between the US and Iran.
The S&P 500 index fell 0.3%, while the Dow Jones Industrial Average dropped 311 points, or 0.6%, by 10:45 a.m. Eastern time.
Oil companies like Exxon Mobil and Chevron bucked the trend, rising 1.9% and 1.6%, respectively, as oil prices jumped 3.3% to $101.18 per barrel.
The conflict between the US and Iran has led to a significant increase in oil prices, with Brent crude marking its first time above $100 since July.
Gasoline prices in the US have risen by about 32% from last year to $4.22 per gallon, while diesel fuel hit an all-time high of $5.94 overnight.