$100 Oil Prices Hit Consumers as Industries Feel the Pinch

The price of oil has risen above $100 a barrel due to renewed fighting and military strikes in the Middle East, affecting global oil supplies.

This increase is likely to have a ripple effect on various industries that rely heavily on petroleum, including food production, shipping, and retail.

Companies such as grocery chain Albertsons and rural lifestyle retailer Tractor Supply Co. have already reported cost impacts from earlier spikes in energy prices, which are expected to continue.