Oil Prices Soar Above $100 Amid Middle East Tensions

Oil prices have surpassed $100 a barrel for the first time in almost six weeks due to attacks on oil facilities and ships in the Middle East. The disruptions to shipping threaten to debilitate an already weakened supply chain, pushing prices up.

The Brent crude international standard settled at $97.89 before jumping 2.4% to $100.29 early Wednesday. U.S. benchmark crude gained 1.9% to $94.77 a barrel.

When oil prices spike, the cost of gasoline, diesel, and jet fuel also increases. This can have significant impacts on consumers, businesses, and economies around the world.