US Markets Slide as Crude Prices Surge Past $100 Amid Middle East Tensions

The US markets are pointing lower due to intensifying violence in the Middle East, which has pushed crude oil prices over $100 per barrel for the first time in nearly six weeks.

Brent crude rose by 2.8% to $100.70 a barrel, while U.S. crude gained 2.4% to $95.28 a barrel, leading to higher gasoline prices. The average price for regular gasoline hit $4.22 per gallon, up from last year's price of over $3.

The conflict in the Middle East has restricted global oil supply, resulting in rising energy prices that are contributing to inflationary pressures. Economists expect consumer inflation to ease slightly to 3.3% from July's 3.4%, but this is still above the Federal Reserve's target of 2%.