US Stocks Plunge as Brent Crude Tops $100 Per Barrel for First Time Since July

The US stock market experienced another weak day on Wednesday as concerns over rising Brent crude oil prices intensified. This led to a sharp increase in oil prices, crossing the $100-a-barrel threshold for the first time since July.

Brent crude prices have been affected by ongoing tensions in the Middle East, which have caused investors to become more cautious. The Dow Jones Industrial Average dropped 405.41 points, or 0.77%, to finish at 52,380.66.

The S&P 500 and Nasdaq Composite also declined, losing 0.48% and 0.64%, respectively. Meanwhile, US Treasury yields rose as the Treasury Department announced it would triple its buyback of longer-dated government debt to $6 billion.