US-Iran Tensions Send Oil Prices Soaring Past $100 a Barrel

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

The S&P 500 index fell by 0.3%, with the Dow Jones Industrial Average decreasing by 311 points, or 0.6%, and the Nasdaq composite dropping by 0.4% as of 10:45 am Eastern time.

Retailers led the market lower, with Amazon down 1.8% and Starbucks declining by 1.5%. However, oil companies benefited from the surge in prices, with Exxon Mobil rising 1.9% and Chevron increasing by 1.6%.

The price of Brent crude, the international standard, increased by 3.3% to $101.18 a barrel, marking its first time above $100 since July.