Global Markets Tumble as Oil Prices Surge

Global crude oil prices have surged sharply as tensions escalate in West Asia, with Brent Crude crossing the $100 mark for the first time since May. Prices jumped over 6.60 percent to trade at $100.68 per barrel. Meanwhile, West Texas Intermediate crude stood at $91.84 per barrel. Experts warn that continued geopolitical instability could drive oil prices even higher in the coming days.

The escalation follows rising conflict between United States and Iran, which has slowed shipping activity through the Strait of Hormuz. Additionally, attacks by Houthis on Saudi oil tankers in the Red Sea have intensified concerns. The impact is visible in US markets, with Dow Jones Industrial Average, S&P 500, and Nasdaq Composite trading in the red.