Middle East Tensions Push Oil Prices Past $100 Per Barrel

The price of oil has surged past $100 per barrel for the first time in almost six weeks, following recent attacks on oil facilities and ships in the Middle East.

The most heavily traded contract for a barrel of Brent crude settled at $97.89 before jumping 2.4% to $100.29 early Wednesday.

U.S. benchmark crude gained 1.9% to $94.77 per barrel, while the price of gasoline in the U.S. averaged $4.15 per gallon on Tuesday, up 26% from a year ago.

The attacks have threatened to debilitate an already weakened supply chain, with markets reacting after the U.S. military reported striking five Iranian tankers in response to attempted missile attacks on a Navy warship.