US-Iran Tensions Send Oil Prices Soaring Above $100

Stocks on Wall Street fell sharply on Wednesday as tensions between the US and Iran escalated. The price of crude oil surged to above $100 a barrel, driving much of the market's action.

The S&P 500 index dropped 0.5%, while the Dow Jones Industrial Average plummeted 346 points, or 0.7%. The Nasdaq composite fell 0.7%.

Retailers were among the hardest hit, with Amazon and Starbucks both falling by over 2%. In contrast, oil companies such as Exxon Mobil and Chevron rose by 1.8% and 1.4%, respectively.

The jump in oil prices has fueled already high inflation, which is expected to remain above 3% according to upcoming reports on the Producer Price Index for August and the Consumer Price Index.