Oil Prices Surge and Stocks Fall as Iran Escalates Shipping Attacks

WORLDWIDE – Global markets took a hit Thursday as oil prices surged above one hundred dollars a barrel following escalating shipping attacks linked to Iran.

The spike comes as traffic through the Strait of Hormuz, key route for about one-fifth of the world’s oil supply, is being disrupted, raising fears of a global energy shortage.

The market reaction was swift.

On Wall Street, DOW Jones industrial average fell more than 600 points while the S&P 500 and NASDAQ also dropped as investors worried about the economic impact of prolonged high energy costs.

U.S. gas prices are also climbing jumping to $3.59/gallon up sharply from a month ago.