Brent oil tops $100 per barrel, as Tesla and Alphabet drag Wall Street lower
Brent crude oil prices surged past $100 per barrel following attacks on Saudi oil tankers in the Red Sea, raising concerns about global supply chain disruptions. Simultaneously, major tech stocks including Tesla and Alphabet saw significant declines, contributing to the worst weekly performance for the S&P 500 in a month.
Why it matters
Rising energy costs combined with market volatility in the tech sector pose a significant threat to global economic stability and consumer spending power.
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NEW YORK (AP) — Brent oil shot to its highest price since May after increased fighting in the Middle East on Thursday threatened to slow the global flow of crude . At the same time, sharp drops for two of Wall Street’s most influential companies, Alphabet and Tesla , yanked the U.S. stock market to its worst loss in a month.
The S&P 500 fell 1.2% and is on track for its first back-to-back weekly loss since March . The Dow Jones Industrial Average dropped 506 points, or 1%, and the Nasdaq composite sank 2.2%.
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