Oil Climbs Above $111 as AI Stocks Slide, Dragging the S&P 500 and Global Markets With Them
Brent crude, the global benchmark price for oil, jumped 2.6% to $111.66 a barrel on Thursday, its highest level in five months, as AI-linked stocks slid and dragged markets lower from Asia to Wall Street. Nvidia, the largest US company by market value, fell 2.3% and weighs so heavily on the S&P 500 that its slides reach the index funds inside many retirement accounts. Gasoline prices jumped 9.1% in September alone, which means the same oil shock rattling the stock market is already showing up at the pump.