$100 Oil Prices Spark Concerns Over Global Energy Supplies

Oil prices have surpassed the $100-a-barrel mark due to escalating tensions involving Iran, which has fueled concerns about global energy supplies.

The international benchmark, Brent crude, rose more than 3% to settle at $101.21 a barrel, while U.S. benchmark West Texas Intermediate crude closed at $96.05 a barrel.

This increase is also being felt at the pump, with the national average price for regular unleaded gasoline climbing to $4.22 per gallon, its highest level since early June.

Analysts warn that higher fuel costs could increase transportation expenses and put additional pressure on inflation.