Oil Prices Soar Above $100 per Barrel as US-Iran Tensions Escalate

Oil prices have surged above $100 a barrel for the first time since July as tensions between the US and Iran escalate, threatening to increase costs for consumers and businesses worldwide.

The Brent crude international standard climbed to $101.21 a barrel by the end of trading on Wednesday after attacks on oil facilities and ships in the Middle East, which could further debilitate an already weakened supply chain.

U.S. benchmark crude settled at $96.05 a barrel, with experts warning that prolonged steep prices would worsen the conflict's economic fallout.

The latest developments have caused market whiplash before, and oil returning to the $100 mark raises concern about inflation.