Brent tops $100 as Iran conflict hits tankers and rattles stocks
Why it matters: Rising oil and Treasury yields pushed the S&P 500 toward its biggest drop in a month as traders priced in stagflation risks.
Brent crude rose above $100 a barrel on Thursday after attacks tied to the widening US-Iran conflict hit tanker traffic near Saudi Arabia and disrupted key shipping routes. Reuters reported three Saudi crude tankers turned back in the Red Sea after Houthi warnings, while US strikes on Iranian targets stretched into a 12th straight night. US West Texas Intermediate climbed to about $92, and the 10-year Treasury yield moved above 4.7%, its highest since January 2025, according to CNBC. The S&P 500 fell toward its biggest one-day decline in a month as investors reassessed the risk that higher energy costs could revive inflation and squeeze consumer spending.