Oil Price Surges Past $100 a Barrel Amid Middle East Tensions

The price of oil surged past $100 a barrel on Wednesday, its highest level in more than six weeks, following US military strikes that destroyed five Iranian tankers and Houthi attacks on Saudi Arabia's oil facilities.

The most actively traded Brent crude contract, the international benchmark, rose 2.4% to $100.29 early Wednesday, while U.S. benchmark crude gained 1.9% to $94.77 a barrel.

The US Central Command said the strikes followed attempted Iranian missile attacks on a Navy warship and targeted vessels used as part of Iran's multibillion-dollar shadow network that funds the Islamic Revolutionary Guard Corps and its regional proxies.