Middle East Attacks Send Oil Prices Soaring Past $100
The price of oil has surpassed $100 a barrel for the first time in almost six weeks due to recent attacks on oil facilities and ships in the Middle East. The latest wave of violence has threatened to disrupt an already weakened supply chain, contributing to the significant increase in oil prices.
The most heavily traded contract for Brent crude settled at $97.89 before jumping 2.4% to $100.29 early Wednesday.