Oil Prices Surge Above $100 Per Barrel Amid US-Iran Tensions

Global oil prices have surpassed $100 per barrel for the first time since July due to ongoing economic uncertainty and geopolitical tensions. The price of Brent crude jumped 3.4% on Wednesday, reaching a new high of $101.52 per barrel.

The surge in oil prices has driven down shares in Europe and Asia, with many major indexes experiencing losses. In Japan, the Nikkei 225 index fell by 0.8%, while in South Korea, the Kospi index dropped by 1.2%.

Retailers were among the hardest hit, with Amazon falling 1.8%, Starbucks losing 1.9%, and Home Depot dropping 1%. However, energy stocks rose as oil companies notched gains, with Exxon Mobil up 2.2% and Chevron adding 1.9%.