Stocks
Oil Prices Soar Above $100 as US-Iran Tensions Escalate
Global stock markets declined Thursday as tensions between the US and Iran continue to escalate. The price of Brent crude oil surged above $100 per barrel for the first time since July, reaching a high of $101.52.
The S&P 500 future rose 0.2%, while the Dow Jones Industrial Average's future gained 0.4%. However, many companies saw significant losses, with Amazon dropping 1.8% and Starbucks losing 1.9%.
The conflict in the Strait of Hormuz has had a major impact on oil prices, which are up 3.4% from Wednesday's closing price. The average price for a gallon of gasoline in the US is now $4.22, up 32% from last year.