By Lawrence Delevingne and Marc Jones July 23 (Reuters) - Oil prices spiked to $100 a barrel on Thursday for the first time since May, while major tech giants knocked U.S. stocks lower and Europe's borrowing costs surged to long-term highs in an unsettling day across markets.

Oil hit $100 a barrel and Magnificent 7 stocks shed nearly $800 billion in market value on Thursday, as pessimism over steep AI spending and the Iran war dragged down global markets.

Goldman Sachs sees upside risks to oil prices.

Energy is back in focus midday Thursday. WTI crude oil is up 6% over the past 24 hours to $91.94 per barrel, and Barron’s reported that WTI briefly hit $100 per barrel earlier today, its first time above $100 in nearly two months,

Learn more US stocks dipped on Monday, with chip stocks trimming gains ahead of Big Tech earnings this week, while oil prices were volatile after touching $90 a barrel amid tit-for-tat attacks between the US and Iran over the weekend.

Stocks opened sharply lower as investors were stung by number of negative catalysts. Surging oil prices and Treasury yields led to worries that the Federal Reserve would raise interest rates sooner than expected,

Oil is back over $100 a barrel amid additional supply disruptions.

Oil topped $92 a barrel. But Micron and chip gear firms rallied.