Stocks fell on Wednesday as rising oil prices continued to rattle investors by stoking fears of higher inflation.

The Dow Jones Industrial Average dropped 284 points, or 0.54%. The S&P 500 shed 0.27%, while the Nasdaq Composite fell 0.38%.

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Oil prices rose as escalating tensions between the U.S. and Iran fuel concerns over further disruptions to Middle East energy supplies. Futures for Brent crude, the international benchmark, added about 3% to trade above $100 a barrel for the first time since July. U.S. West Texas Intermediate futures gained 3% as well to above $95.

The latest rise in oil extends its gain from the prior trading day, which put downward pressure on the three major averages in their first session of a holiday-shortened trading week. Notably, the Dow saw its worst day in almost three weeks.