Oil tops $100 and drags everything down with it Brent crude punched through $101 and WTI hit $92.61 after Houthi attacks on Saudi tankers widened the Iran conflict into Red Sea shipping lanes, sending the Nasdaq down 2.2% and the S&P 500 down 1.3% as traders priced the oil shock straight into inflation expectations. Crypto slipped with the rest of the risk stack, with total market cap down about 2% to $2.21T, bitcoin:native near $64,700, and the Fear & Greed index at 37. Rate markets now see an 82% chance of a September Fed hike, up from 52% a week ago, per CME FedWatch.