Oil Hits Six-Week High After Latest Middle East Attacks

The price of oil has surpassed $100 a barrel for the first time in almost six weeks following attacks on oil facilities and ships in the Middle East.

The most heavily traded contract for Brent crude settled at $97.89 before jumping 2.4% to $100.29 early Wednesday, while U.S. benchmark crude gained 1.9% to $94.77 a barrel.

The increase is largely due to the recent attacks on oil facilities in Saudi Arabia and ships in the Middle East, which have disrupted an already weakened supply chain.

Analysts at Bank of America expect shipping through the Strait of Hormuz to gradually pick up, but warn that damage to major energy infrastructure could produce spikes of up to $150 a barrel if attacks continue.