Oil Prices Surge, Stocks Fall as Iran Escalates Shipping Attacks

Oil prices surged and stocks tumbled worldwide on Thursday as Iran escalated shipping attacks in a critical tanker route.

Global crude spiked above $100 a barrel on Thursday, crossing a key benchmark. The rise in oil prices defied a U.S. effort hours earlier to reassure markets with an announcement of the second-largest ever release from the nation's petroleum reserve.

A selloff hit Wall Street as traders feared economic fallout from a potentially prolonged bout of elevated oil prices.

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