Oil continued its recent surge, hitting $100 per barrel for the first time since July 2022 and then soaring higher as the ripple effects from the U.S.-Israeli war on Iran continued to hit global markets.
U.S. crude oil futures rose more than 25%, to nearly $115 per barrel, while Brent, the international benchmark, jumped more than 20%, to $110 per barrel.
In addition to oil’s rise, S&P 500 futures plunged 2.3%, Dow futures plummeted more than 1,000 points, and Nasdaq 100 futures slid 2.7%, indicating U.S. stocks were poised to continue last week’s descent.
Oil’s remarkable jump came despite a record 35% rise last week. In addition to surging oil prices, U.S. retail gas prices also soared to a national average of more than $3.45 per gallon.