Brent crude oil hits $100 a barrel for first time since July

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U.S. stock futures pointed lower Wednesday as escalating U.S.-Iran tensions stoked fears of further energy supply disruptions

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Brent crude oil futures breached the $100-a-barrel mark Wednesday for the first time since July, gaining over 2% amid a sharp escalation in U.S.-Iran hostilities. European natural gas prices moved sharply higher as well, advancing close to 4% and approaching 79 euros per megawatt-hour, a level that would mark the highest settlement since late 2022.

Four Iranian tankers were sunk by the U.S. in the Gulf of Oman, with a fifth destroyed near Kharg Island on Tuesday, after Tehran attempted to strike American warships, according to The Wall Street Journal. Brent crude's previous visit to $100 came in July, after which prices retreated beneath $80 in early August — meaning Wednesday's surge represents a roughly $20 rebound within just a matter of weeks.