Oil surges above the dreaded $100 level as Iran-war market disruption deepens

Anadolu/Anadolu via Getty Images

• The price of crude oil spiked above $100 per barrel for the first time in more than three years.
• The Iran war continues to affect crude supply from the region and cripple global oil flows.
• Wall Street strategists have warned a prolonged breach of $100 could damage the economy and stocks.

Oil hitting $100 per barrel was increasingly being bandied about as a possibility after the Iran war started. But it wasn't supposed to happen this quickly.