$100 Oil Prices: Tensions with Iran Send Energy Costs Soaring
Oil prices shot past $100 a barrel on Wednesday as tensions between the U.S. and Iran escalated, threatening to increase costs for consumers and businesses worldwide.
Brent crude, the international standard, climbed into triple digits after attacks on oil facilities and ships in the Middle East that could further debilitate an already weakened supply chain.
The latest developments in the war have caused market whiplash before, with prices fluctuating considerably over the last six months. Brent surged in the early days of the war but cooled in the early summer, plunging closer to prewar levels during hopes for peace and a plan to move oil safely out of the Persian Gulf.
However, new attacks soon piled up and talks crumbled, leading oil to renew its climb, albeit still with some volatility. The last time Brent settled above $100 was for a single day in late July, but prices have stayed above $90 since the end of August.