$100 Oil Prices Put Squeeze on Consumers, Industries

Oil prices have surpassed $100 per barrel amid renewed fighting and military strikes in the Middle East, straining global oil supplies. This increase is likely to continue putting pressure on consumers, who are already feeling pinched from the start of the Iran war.

The elevated price marks a turn from lower oil prices enjoyed briefly when hostilities between the U.S. and Iran waned in June. Brent crude, the international standard, last reached $100 a barrel in May.

Companies that produce and sell fresh food, school supplies, and other goods reliant on fuel are likely to pass some of their increased expenses onto consumers. This is because many products rely on petroleum for transportation or production.