Oil exceeds $100 as Tesla and Alphabet fall

Rising fighting in the Middle East caused Brent crude oil prices to surge to their highest since May, reaching over $102 per barrel due to attacks on Saudi oil tankers. This increase in oil prices, coupled with concerns about supply disruptions, led to a decline in U.S. stock indexes, with the S&P 500, Dow, and Nasdaq experiencing significant drops. The market reaction was intensified by fears of inflation and potential interest rate hikes by the Federal Reserve. Notably, major companies like Tesla and Alphabet saw sharp declines amid broader concerns about inflation, geopolitical tensions, and investments in artificial intelligence.

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