Global Oil Prices Soar Past $100 Per Barrel Amid Escalating Tensions

Oil prices have surpassed $100 per barrel for the first time since May as tensions in the Middle East continue to escalate. The renewed fighting and military strikes have left global oil supplies stranded, causing a surge in crude prices.

The elevated price of oil has already had an impact on consumers, with gasoline prices reaching $4 or more in most states. According to AAA, the U.S. price for regular gasoline averaged $4.09 per gallon on Thursday, up 15 cents from the previous week.

Companies that rely heavily on fuel, such as grocery stores and shipping services, are also feeling the pinch. Grocery chain Albertsons lowered its 2026 fiscal outlook due to pressure on its core business and a pullback in consumer spending.