Oil Prices Soar Above $100 a Barrel Amid US-Iran Conflict

Oil prices surged above $100 a barrel on Wednesday as the US and Iran escalated their conflict in the Middle East, threatening to increase costs for consumers and businesses worldwide.

Brent crude, the international standard, climbed into triple digits for the first time since July and settled at $101.21 a barrel by the end of the day's trading, after attacks on oil facilities and ships in the region that could further debilitate an already weakened supply chain.

U.S. benchmark crude was close behind, settling at $96.05 a barrel.

Experts warn that a prolonged period of steep prices would worsen the now over six-month-long conflict's economic fallout.