Oil Prices Soar Past $100 a Barrel After Middle East Attacks

The price of oil has surpassed $100 a barrel for the first time since July after attacks on oil facilities and ships in the Middle East. Brent crude, the international standard, jumped nearly 3% to $100.72 early Wednesday.

U.S. benchmark crude gained 2.4% to $95.25 a barrel, and U.S. gasoline prices rose sharply overnight. The average price for a gallon of regular gasoline ticked up 7 cents overnight to hit $4.22, now more than a dollar above what it cost at this point last year, according to AAA.

The attacks targeted oil facilities in Saudi Arabia and ships in the Strait of Hormuz, a narrow waterway through which a fifth of the world's oil supply passes. The U.S. military reported striking five Iranian tankers in response to attempted missile attacks on a Navy warship.