$100 a Barrel: Oil Prices Soar as US-Iran Tensions Escalate

Oil prices have surged past $100 a barrel for the first time since July as tensions between the US and Iran escalate, threatening to increase costs for consumers and businesses worldwide. The latest wave of attacks on oil facilities and ships in the Middle East has further debilitated an already weakened supply chain.

Brent crude, the international standard, climbed into triple digits after the US military reported striking five Iranian tankers in response to attempted missile attacks on a Navy warship. The attacks by Yemen's Houthis have also targeted an alternative shipping route that Saudi Arabia has relied on to transport oil during the war.

The return of $100 Brent raises concern because experts have warned that a prolonged period of steep prices would worsen the economic fallout from the six-month-long conflict. Higher energy costs trickle down to just about every part of the supply chain, from groceries to clothing and cosmetics.