Oil hits $100 per barrel for first time since July 2022
NBC News
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.
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 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 even 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.
The last time oil and gas prices surged to such levels was immediately after Russia invaded Ukraine in February 2022.
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