{"id":2927,"date":"2026-07-23T15:36:28","date_gmt":"2026-07-23T15:36:28","guid":{"rendered":"https:\/\/coloradospringsmoverss.com\/?p=2927"},"modified":"2026-07-23T15:36:28","modified_gmt":"2026-07-23T15:36:28","slug":"brent-oils-price-tops-100-per-barrel-as-tesla-and-alphabet-drag-wall-street-lower","status":"publish","type":"post","link":"https:\/\/coloradospringsmoverss.com\/?p=2927","title":{"rendered":"Brent oil\u2019s price tops $100 per barrel, as Tesla and Alphabet drag Wall Street lower"},"content":{"rendered":"
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Getting your Trinity Audio player ready…<\/strong><\/div>\n
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By STAN CHOE, AP Business Writer<\/strong><\/p>\n

NEW YORK (AP) \u2014 Oil prices are\u00a0leaping further\u00a0Thursday as increased\u00a0fighting in the Middle East\u00a0threatens to slow the\u00a0global flow of crude. Sharp drops for two of Wall Street\u2019s most influential companies,\u00a0Alphabet\u00a0and\u00a0Tesla, are meanwhile dragging the U.S. stock market lower.<\/p>\n

Read more Colorado weather: Denver braces for afternoon rain with potential for flash floods<\/a><\/p>\n

The S&P 500 dropped 1.2% and may be heading for its first back-to-back weekly loss\u00a0since March. The Dow Jones Industrial Average was down 477 points, or 0.9%, as of 11 a.m. Eastern time, and the Nasdaq composite was 2.4% lower.<\/p>\n

Stocks sank under the pressure of rising oil prices, which raise costs for businesses and erode their customers\u2019 ability to spend. The price for a barrel of Brent crude oil, the international standard, jumped 7.2% to $100.88.<\/p>\n

It earlier touched the highest price in two months for the most actively traded Brent contract in the market. The cause: attacks on two Saudi oil tankers in the Red Sea. They threaten another avenue that oil companies use to transport their crude from the Middle East to customers worldwide, along with\u00a0the Strait of Hormuz.<\/p>\n

Underscoring the importance of the sea route for the economy, President Donald Trump threatened \u201cmajor military punishment\u201d against the\u00a0Houthi rebels\u00a0in Yemen, who are backed by Iran, if they keep attacking ships.<\/p>\n

It was just a few weeks ago that Brent had dropped below $72 per barrel, roughly back to where it was before the United States and Israel attacked Iran to begin their war, on hopes that the Strait of Hormuz would fully reopen to oil tankers.<\/p>\n

The jumps in oil prices are threatening to worsen\u00a0inflation, just as it had begun to decelerate by more than economists expected. That in turn could push\u00a0the Federal Reserve\u00a0and other central banks to raise interest rates, which would\u00a0slow economies and undercut prices\u00a0for stocks and other investments.<\/p>\n

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The European Central Bank\u00a0held its main interest rates steady\u00a0at its meeting Thursday. But traders are banking on a nearly 38% chance the Fed will hike the federal funds rate at its meeting next week. That\u2019s up from the nearly 12% probability seen a week ago, according to data from CME Group. An increase by the Fed would be the first since 2023.<\/p>\n

Higher oil prices pushed the yield on the 10-year Treasury up to 4.70% from 4.67% late Wednesday and from just 3.97% before the war with Iran began. That\u2019s a significant increase, and it\u2019s already brought long-term U.S. mortgage rates to their\u00a0highest levels in nearly a year.<\/p>\n

On Wall Street, stocks of companies with big fuel bills fell to sharp losses on worries about higher expenses.<\/p>\n

Read more Aurora immigration detention center worker charged with assault, 21-year-old victim speaks out<\/a><\/p>\n

American Airlines lost 7.4% even though it reported a much bigger profit for the spring than analysts expected, something that usually sends a stock\u2019s price higher. It raised airfares, which helped it offset its higher fuel prices, during the latest quarter.<\/p>\n

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Southwest Airlines fell 3.9%, even though it also reported better profit and revenue than analysts expected. It wrung more profit out of each $1 of its revenue during the spring, even with higher fuel prices.<\/p>\n

One of the heaviest weights on the U.S. stock market was Tesla, which sank 13.6% after Elon Musk\u2019s electric-vehicle company reported a weaker profit for the latest quarter than analysts expected. Because it\u2019s one of the largest stocks in the S&P 500 by market value, its stock has more influence on the index than nearly every other.<\/p>\n

One of the few that\u2019s larger is Alphabet, and its stock fell 7.3% even though the parent company of Google delivered stronger profit and revenue than analysts expected.<\/p>\n

Investors seemed to focus instead on how much Alphabet said it\u2019s set to spend on\u00a0artificial-intelligence\u00a0investments. Alphabet raised its forecast for capital spending over the full year after its investments doubled last quarter to nearly $45 billion from a year earlier.<\/p>\n

CEO Sundar Pichai said AI helped its cloud revenue growth accelerate to 82% last quarter, but unease nevertheless remains about whether all the money it\u2019s pouring into AI will pay off in terms of productivity and profits.<\/p>\n

Such worries have been\u00a0shaking the AI industry\u00a0broadly in recent weeks, leading to big swings for the overall stock market.<\/p>\n

In stock markets abroad, indexes fell sharply in Europe as oil prices jumped. France\u2019s CAC 40 dropped 1.6% for one of the larger losses.<\/p>\n

Indexes earlier in the day were stronger in Asia, where South Korea\u2019s Kospi jumped 4.4%.<\/p>\n

Read more Can governor\u2019s \u2018Competitiveness Council\u2019 get Colorado economy on track again?<\/a><\/p>\n

AP Business Writers Matt Ott and Elaine Kurtenbach contributed to this report.<\/em><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Brent crude oil briefly topped $100 per barrel for the first time since May, and Wall Street sank Thursday with drops in Tesla and Alphabet.<\/p>\n","protected":false},"author":1,"featured_media":2926,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,4],"tags":[],"class_list":["post-2927","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-news"],"yoast_head":"\nBrent oil\u2019s price tops $100 per barrel, as Tesla and Alphabet drag Wall Street lower - Colorado Springs Moverss<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coloradospringsmoverss.com\/?p=2927\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brent oil\u2019s price tops $100 per barrel, as Tesla and Alphabet drag Wall Street lower - 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