Oil prices surged above $100 a barrel amid rising tensions as Iran increased shipping attacks in the Strait of Hormuz, a critical oil transport route. This spike led to a selloff on Wall Street, with the Dow Jones Industrial Average dropping 550 points, or 1.1%. The S&P 500 and Nasdaq also experienced declines of 0.8%. The situation raises concerns over a potential supply crisis in the global oil market.
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