$100 Oil: US-Iran Tensions Send Prices Soaring
Oil prices have surged above $100 per barrel for the first time since July as tensions between the US and Iran escalate, threatening to increase costs for consumers and businesses worldwide.
The latest development in the war has caused market whiplash, with oil prices fluctuating considerably over the last six months. 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.
Experts have warned that a prolonged period of steep prices would worsen the now over six-month-long conflict's economic fallout. Crude is the main ingredient for everyday fuel like gasoline and diesel, which are also seeing a renewed spike in prices.
The price hike has significant implications for consumers, with drivers feeling the pain each time they fill up their tanks with gasoline. The average price for a gallon of regular gasoline jumped to $4.22, up nearly 42% from the start of the war, according to motor club AAA.