Crude oil jumps above $100 as US-Iran tensions rise, global markets fall
Crude oil prices have jumped above $100 a barrel as tensions between the US and Iran rise, causing global markets to fall. The increase in oil prices has lent support to energy stocks, while precious metals such as gold and silver have declined.
US equities opened lower on Thursday due to cautious investors. The Dow Jones Industrial Average slipped 0.18% to 46,344.64. The S&P 500 declined 0.55% to 6,555.86. Crude oil prices climbed above $100 a barrel amid fading hopes of a ceasefire in the Iran war. Brent crude rose 3.4% to $100.61 per barrel. US benchmark crude gained 3.2% to $93.25 a barrel. Energy stocks rose, with ConocoPhillips and Valero Energy shares increasing about 1%. Global markets were also affected, with European markets trading lower and Asian markets closing down.
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