Global oil prices have breached the $100 per barrel mark as escalating military conflicts between the US and Iran disrupt shipping lanes in the Gulf.
The surge in crude prices has triggered fresh inflation fears, with market analysts warning that sustained high energy costs could force central banks to reconsider interest rate paths.
Stock markets reacted negatively to the news, with Dow futures sliding 300 points as investors brace for the economic impact of potential supply chain disruptions in the Middle East.