US Stocks Plummet as Oil Prices Hit $100, Raising Inflation Concerns

US stocks fell on Wednesday as oil prices climbed above $100 a barrel for the first time since July, raising concerns about inflation and the Federal Reserve's interest-rate path.

The Dow Jones Industrial Average declined by 288 points while the S&P 500 lost 0.25%. The Nasdaq Composite shed 0.42%.

Brent crude rose more than 2% to break above the $100-a-barrel mark, with escalating tensions between the US and Iran contributing to concerns about disruptions to Middle East energy supplies.

Higher oil prices have also pushed Treasury yields higher as investors assess the potential inflationary impact of more expensive energy. The 10-year Treasury yield briefly moved above 4.8% on Tuesday.