$100 Oil Prices: Conflict in Middle East Sends Costs Soaring

Oil prices have surged past $100 per barrel due to renewed fighting and military strikes in the Middle East, affecting global oil supplies.

As a result, companies that produce and sell fresh food, school supplies, and other items that rely on petroleum are likely to pass their increased expenses onto consumers.

According to Joe Adamski, a managing director at ProcureAbility, 'Since everything relies on petroleum in our economy, for good or ill, if the cost of petroleum goes up, then everything else goes up as well.'

The increase in oil prices has already led to higher gasoline prices, with regular gasoline averaging $4.09 per gallon and drivers in most states paying $4 or more.