Brent Oil Rises Above $100 Amid Middle East Tensions

U.S. stocks fell as Brent crude rose above $100 a barrel for the first time since July, intensifying concerns that Middle East tensions could disrupt supplies and keep inflation elevated. Reports of Houthi attacks on Saudi facilities, threats involving Persian Gulf shipping and retaliatory strikes on energy-linked vessels fueled fears of regional export disruptions. The Dow dropped roughly 350 to 367 points in early Wednesday trading after losing 628 points Tuesday, while the S&P 500 and Nasdaq also declined; Treasury yields climbed, with the 10-year yield approaching 4.81%. Traders are pricing roughly a 50% to 60% chance of a Federal Reserve rate hike at its September meeting, following a stronger-than-expected August jobs report that showed 162,000 new positions and a 4.1% unemployment rate. Investors are awaiting Thursday’s producer-price data and Friday’s consumer-price report, while also watching developments involving Iran, the Strait of Hormuz, OPEC supply decisions and Canada’s planned tariffs on up to $27.6 billion of U.S. imports.