US-Iran Conflict Drives Oil Prices Above $100 a Barrel

Stocks plummeted on Wall Street Wednesday as oil prices surged above $100 a barrel due to escalating tensions in the US-Iran conflict.

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

Retailers led the market lower, with Amazon dropping 1.9% and Starbucks falling 1.5%. However, oil companies bucked the trend, with Exxon Mobil rising 2.5% and Chevron increasing 2.3%.

The price of Brent crude, the international standard, reached $100.62 a barrel, surpassing its previous high since July.