Oil prices are approaching $100 a barrel as the Iran war increasingly weighs on global financial markets, according to Axios. Brent crude was trading around $95 on Wednesday, up from the low $80s a month earlier.
The report said diesel futures have reached an all-time high of $4.73 per gallon. Diesel is critical to farming, transportation and other parts of the U.S. economy, raising concerns that higher energy costs could spread further.
According to Axios, stocks have largely moved sideways as investors assess the risks. Energy shares have benefited, but broader valuations face pressure from inflation concerns.
The report cited Morgan Stanley analysis showing unusually strong links between oil prices and Treasury yields. Investor Bob Elliott said global markets can no longer ignore the rising cost of oil.
Related Tweet:
Markets can't ignore the war anymore https://t.co/ZZoCYpt45J
— Axios (@axios) September 3, 2026
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