Global shares are mostly lower as Brent crude surpasses $100 a barrel

U.S. Futures are sliding after intensifying violence in the Middle East pushed the cost of crude oil over $100 a barrel.

Key points

• Brent crude rose 2.8% to $100.70 a barrel.
• The average cost for a gallon reached $5.94 overnight and is now 9 cents higher than it was Friday.
• It's the first time Brent crude, the international standard, has reached triple digits in almost six weeks.

It's the first time Brent crude, the international standard, has reached triple digits in almost six weeks. Fighting in the Middle East has throttled the global flow of oil and rising energy rates are adding to inflationary pressures.

Brent crude rose 2.8% to $100.70 a barrel. Benchmark U.S. Crude gained 2.4% to $95.28 a barrel, and it's dragging gasoline rates higher with it.

Notably, the average cost for a gallon of regular gasoline ticked up 7 cents overnight to hit $4.22, now more than a dollar above what it cost at this point last year, according to AAA.

Diesel rates, which can have an outsized impact on consumers as it is applied in shipping and production, hit an all-time high Friday and has continued to climb since. The average cost for a gallon reached $5.94 overnight and is now 9 cents higher than it was Friday.

For now, global shares are mostly lower as Brent crude surpasses $100 a barrel remains the part of the story worth watching, and further updates are likely as more details are confirmed.