Oil Prices Hit $101 Per Barrel Amid Ongoing Middle East Tensions
Global oil prices have surged above $100 per barrel for the first time since July as tensions in the Middle East escalate. Brent crude, the global benchmark, rose 3.36% and settled at $101.21 per barrel on Wednesday.
The increase follows a day of conflict and war developments, including US strikes against Iranian oil tankers and an attack by Iran-backed Houthis on Saudi Arabia. Oil prices have been volatile this year, fluctuating in response to flare-ups in fighting and disruptions to oil tanker traffic through the Strait of Hormuz.
The rise in oil prices has pushed up energy costs across the globe, with gasoline prices surging 7.3 cents per gallon on Wednesday to an average of $4.22 per gallon. Diesel prices have also increased, reaching a record high of $5.94 per gallon.