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Escalating U.S.-Iran tensions sent oil surging roughly 3%, rattling investors with fresh fears about inflation
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U.S. stocks fell Wednesday as oil prices climbed above $100 a barrel for the first time since July, adding to investor concerns about inflation. The Dow Jones Industrial Average lost 300 points, equivalent to 0.6%, while the S&P 500 declined 0.3% and the Nasdaq $NDAQ Composite slipped 0.5%.
Brent crude futures climbed around 3% to clear the $100-a-barrel mark, with U.S. West Texas Intermediate futures also advancing approximately 3% to top $95. The move extended a two-day run higher in oil prices that has weighed on stocks since trading resumed after the Labor Day holiday on Monday.
