Oil continued its recent surge Sunday, hitting $100 per barrel for the first time since July 2022 as the ripple effects from the U.S. war on Iran continued to hit global markets.
U.S. crude oil futures rose as much as 20%, to nearly $109 per barrel, while Brent, the international benchmark, jumped more than 15%, to $107 per barrel.
In addition to oil’s rise, S&P 500 futures declined 1.5%, Dow futures plummeted 900 points, and Nasdaq 100 futures slid 1.2%, indicating U.S. stocks were poised to continue last week’s descent.
Oil rose again after a record 35% jump 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.
The last time oil and gas prices surged to such levels was immediately after Russia invaded Ukraine in February 2022.
Cargo ships and tankers in the Strait of Hormuz near Fujairah,Keep reading this article on NBC News.
