$100 Oil Prices Wreak Havoc on Consumers

Oil prices have surged past $100 a barrel due to renewed fighting and military strikes in the Middle East, putting additional pressure on consumers. This increase follows a brief period of lower oil prices 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 rely heavily on petroleum for production and shipping are likely to pass some of their increased expenses to consumers, including those in the grocery and school supplies sectors.

The price of gasoline has returned to $4 or more in most states, with regular gasoline averaging $4.09 a gallon Thursday, according to AAA.

Shoppers can expect higher prices for groceries, back-to-school items, and other goods that rely on fuel transportation.