CNBC Daily Open: Oil surges past $100 per barrel as Iran war rages

Core Insights - Crude oil prices surged past $100 per barrel for the first time since the Russia-Ukraine conflict began, driven by Iran's closure of the Strait of Hormuz [1] - West Texas Intermediate rose by 20%, reaching $109.30 per barrel, while Brent crude increased by 18% to $109.35 [1] Market Reactions - U.S. stock markets reacted negatively, with Dow futures dropping 900 points, and S&P 500 and Nasdaq 100 futures falling by 1.9% and 2.3% respectively [2] - President Donald Trump commented on the situation, suggesting that the short-term spike in oil prices is a minor issue [2] Geopolitical Context - U.S. Energy Secretary Chris Wright expressed cautious optimism regarding the reopening of the Strait of Hormuz, predicting that the closure may last "a few weeks" rather than months [3] - The geopolitical situation is prompting diplomatic efforts, including an upcoming meeting between President Trump and Chinese President Xi Jinping, as well as an emergency meeting of G7 countries to discuss the Middle East crisis [3]