Oil Prices Soar Above $100 a Barrel Amid US-Iran Tensions

Stocks on Wall Street took a hit Wednesday as oil prices surged above $100 a barrel due to escalating tensions between the US and Iran.

The S&P 500 index fell 0.3%, while the Dow Jones Industrial Average dropped 407 points, or 0.8%, by 9:52 a.m. Eastern time.

Oil companies bucked the trend, with Exxon Mobil rising 2.5% and Chevron increasing 2.3% as Brent crude prices hit $100.62 a barrel for the first time since July.

The jump in oil prices has fueled inflation concerns, with gasoline prices up about 32% from last year to $4.22 per gallon, while diesel prices reached an all-time high at $5.94 a gallon.