From New York: Oil prices have reached their highest levels since before the summer, driven by the war with Iran disrupting the global flow of crude. This surge has worsened worries about inflation and increased pressure in the bond market. As a result, stocks have fallen, with the S&P 500 down 0.6% and the Dow Jones Industrial Average losing 381 points. The Nasdaq composite also declined, falling 0.6%. Brent crude, the international standard, rose 6.3% and briefly exceeded $108 per barrel before settling at $107.63.

Further details on the impact of rising oil prices on the market are available.

The increase in oil prices is affecting Wall Street, with stocks experiencing a fourth straight loss.