Oil prices soar past $100 a barrel as war escalates in Iran

Originally Published: 08 MAR 26 18:20 ET

By Auzinea Bacon, CNN

(CNN) — Oil prices surged past $100 per barrel on Sunday, the first time crossing that mark since Russia’s 2022 invasion of Ukraine, as investors worried that the war in Iran would mean prolonged restrictions on Middle Eastern oil flows.

US crude futures rose 14.7%. Brent futures, the global benchmark, increased 12.63% to $104 per barrel as of 6:06 p.m. ET.

Dow futures, meanwhile, dropped 851.6 points, or 2%. S&P 500 and Nasdaq futures fell 1.73% and 1.65%, respectively, as concerns persisted that shocks to the energy market will stoke inflation in the US.

Triggered by the shock of the initial February 28 strikes in Iran, the average price of gasoline in America reached $3.45 a gallon on Sunday, up 16% from the week prior, according to AAA.

The Trump administration argued Sunday that the US and Israeli-led military campaign at the end of February against Iran will only have short-term effects on oil and gas prices.

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