US Oil Prices Hit Highest Level Since Summer Amid Iran War Disruptions

Oil prices surged to their highest level since before summer as the ongoing war with Iran disrupts global crude flows, sending shockwaves through Wall Street and pushing stocks lower.

The S&P 500 fell 0.6% for a fourth straight loss, its longest such streak since June, while the Dow Jones Industrial Average dropped 316 points, or 0.6%, and the Nasdaq composite sank 0.7%.

Brent crude, the international standard, climbed another 6.3% and briefly topped $108 per barrel for the first time since May before settling at $107.63.