Middle East Tensions Drive Oil Prices Past $100 a Barrel

Oil prices have surged past $100 a barrel for the first time in almost six weeks following a series of attacks on oil facilities and ships in the Middle East.

The price hike was triggered by recent incidents, including the U.S. military's strikes on five Iranian tankers in response to attempted missile attacks on a Navy warship, as well as attacks by an Iranian-backed Houthi rebel group that ignited fires at oil facilities in Saudi Arabia.

The most heavily traded contract for Brent crude, the international standard, jumped nearly 3% to $100.72 early Wednesday, while U.S. benchmark crude gained 2.4% to $95.25 a barrel.