Oil Prices Skyrocket Past $100 a Barrel Amid Middle East Tensions

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

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.

The average price for a gallon of regular gasoline rose sharply overnight to hit $4.22, now more than a dollar above what it cost at this point last year, according to AAA.

The attacks by an Iranian-backed Houthi rebel group ignited fires at oil facilities in Saudi Arabia, prompting markets to react after the U.S. military reported striking five Iranian tankers in response to attempted missile attacks on a Navy warship.