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Oil Prices Jump Above $100 a Barrel
Oil prices have surged above $100 a barrel. This is the first time since 2022.
Brent crude jumped 16.6% to $108.10 a barrel. The surge is linked to the US war with Iran.
The US is at war with Iran in the Middle East. US stock market futures fell on Sunday amid the oil surge. Trump said the rise in energy prices is a "very small price to pay."
Klear Note — Oil prices affect gas prices at pumps and heating costs. Higher oil prices can slow the economy and hurt stock markets.
Key Terms 3
- Brent crude
- A key type of oil used to set global oil prices
- stock market futures
- Bets on where stock prices will go in the future
- barrel
- A standard unit for measuring oil, equal to 159 litres