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Stocks Slip 0.9% as Brent Hits $108, CPI Rises 3.8%

5/12/2026

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Summary

Story summary

U.S. equity markets fell, with the S&P 500 down 0.9% as oil prices rose and Brent crude reached $108.05 a barrel.
Brent crude climbed above $107 a barrel after the cease-fire appeared fragile.
April CPI rose 3.8% year-over-year, driven by energy, while gasoline prices increased 5.4% month-to-month to $4.50 per gallon, up 28% year-over-year.

History

Historical Context

In October 1973 OAPEC ordered an oil embargo against the United States and other supporters of Israel, causing Saudi Light crude to jump from $3 to $12 per barrel—a four-fold rise by early 1974. The shock spurred lasting U.S. energy policies and today’s Brent price above $108 per barrel echoes that same volatility.

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Story summary

U.S. equity markets fell, with the S&P 500 down 0.9% as oil prices rose and Brent crude reached $108.05 a barrel.
Brent crude climbed above $107 a barrel after the cease-fire appeared fragile.
April CPI rose 3.8% year-over-year, driven by energy, while gasoline prices increased 5.4% month-to-month to $4.50 per gallon, up 28% year-over-year.

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