Brent crude futures breached $100.95 as Middle East conflict raised inflation fears ahead of central bank decisions

Brent crude prices surged past the $100 mark on Wednesday, reaching session highs of $100.95 per barrel. This price level was reached for the first time since July 24 after Iranian forces fired ballistic missiles at a US base in Jordan and both sides claimed to have attacked vessels in the region. The spike caused early trading losses across Wall Street and other global markets. In the United States, the Dow Jones Industrial Average fell 0.75 percent, the S&P 500 dropped 0.30 percent, and the Nasdaq Composite declined 0.35 percent. Global stocks also took a hit; the pan-European STOXX 600 index lost 1.2 percent while the MSCI gauge of global stocks fell 0.29 percent. At midday trading, Brent crude stood at $100.27 per barrel, up 2.4 percent from the day's opening. Yields on benchmark U.S. 10-year notes rose 3.26 basis points to 4.837 percent after the Treasury Department announced a bond buyback program of up to $6 billion. Analysts noted that the surge in energy costs could drive higher inflation, leading central banks like the Federal Reserve and European Central Bank to maintain tighter monetary policy for longer.