Brent Crude Surges Above $100 as US Stocks Fall

US stocks closed lower on Wednesday as Brent crude surged above $100 a barrel, pushing equity markets down. The Dow Jones Industrial Average fell 0.8%, or 405 points, to 52,380.77, while the S&P 500 dropped 0.5%, or 37 points, to 7,636.

The surge in Brent crude prices was driven by concerns over global oil supplies and escalating tensions in the Middle East. The US-Israeli war with Iran has fueled fears of a broader regional conflict, adding to inflationary pressures and weighing on stocks.

The S&P 500 energy sector rose 1.1%, while all other sector indexes declined. Apple shares closed 0.3% lower after the company's first smartphone launch event under new Chief Executive John Ternus.