US Oil Hits $100, Stocks Sink Amid Inflation Fears
Oil prices have reached their highest levels since before summer, causing concerns about inflation and affecting bond markets. The S&P 500 fell 0.6% on Thursday, marking a fourth straight loss for the index. The Dow Jones Industrial Average dropped 381 points, or 0.7%, with an hour remaining in trading.
The price of Brent crude, the international standard, climbed 6.3% and briefly topped $108 per barrel for the first time since May before settling at $107.63. The benchmark U.S. crude rose 6.7% to settle at $102.48, a level not seen since Memorial Day.
The jump in oil prices has pushed gasoline costs higher, with an average price of nearly $4.28 per gallon across the United States, according to AAA. This represents a near 34% increase from last year and is affecting consumers through higher prices for various products transported by truck to store shelves.