Oil Prices Soar Above $100 Amid Supply Disruptions and Tensions

The global oil market has been affected by supply disruptions and rising tensions in the Strait of Hormuz, pushing Brent crude above $100 per barrel.

The price surge is causing fuel costs to rise, adding to inflationary pressures in the US. According to the American Automobile Association, the national average price of gasoline rose 38.7% from last year to $4.44 per gallon as of September 17.

The high oil prices are also affecting the US Federal Reserve's monetary policy, with higher borrowing costs constraining economic activity and strengthening the dollar against other currencies.