Oil Prices Surge Past $100, Straining Economy and GOP’s Midterm Prospects

Oil prices surged past $100 a barrel for the global benchmark, sending shockwaves through financial markets. Stocks fell sharply as investors reacted to the rising energy costs. Treasury yields climbed to their highest levels seen in President Trump’s second term. The spike in crude prices threatens to strain the broader economy. Higher fuel costs could weigh on consumer spending and business activity. The price rally also poses a political risk for Republicans ahead of the midterm elections. Voters may blame the party in power for rising inflation tied to expensive oil.