Oil Prices Soar Above $100 Amid Escalating US-Iran Conflict

Stocks plummeted on Wall Street Wednesday as crude oil prices surged above $100 a barrel, fueled by escalating tensions in the US-Iran conflict. The Dow Jones Industrial Average dropped by over 400 points, with the S&P 500 and Nasdaq composite also suffering losses of 0.3% and 0.4%, respectively.

Oil companies Exxon Mobil and Chevron bucked the trend, rising 2.5% and 2.3% as their shares outperformed the broader market. The price of Brent crude oil rose by 2.8% to $100.62 a barrel, its first time surpassing $100 since July.

The jump in oil prices has contributed significantly to already high inflation rates, with gasoline prices in the US rising by 32% compared to last year's prices, reaching $4.22 per gallon. Diesel prices have also reached an all-time high, averaging $5.94 per gallon as of overnight.