Asian shares are mixed as Brent crude approaches $100 a barrel
Global oil prices have surged past $100 a barrel due to Middle East instability, impacting U.S. gasoline and diesel costs. Meanwhile, markets are reacting to inflation data and Meta's new AI agent launch.
Why it matters
Rising energy costs threaten to exacerbate global inflation and complicate upcoming Federal Reserve interest rate decisions.
U.S. futures are sliding after intensifying violence in the Middle East pushed the price of crude oil over $100 a barrel.
It's the first time Brent crude, the international standard, has reached triple digits in nearly six weeks. Fighting in the Middle East has throttled the global flow of oil and rising energy prices are adding to inflationary pressures .
Brent crude rose 2.8% to $100.70 a barrel. Benchmark U.S. crude gained 2.4% to $95.28 a barrel, and it's dragging gasoline prices higher with it.
The average price for a gallon of regular gasoline ticked up 7 cents overnight to hit $4.22, now more than a dollar above what it cost at this point last year, according to AAA.
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