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

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

U.S. benchmark crude gained 2.4% to $95.25 a barrel, while 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.

The recent attacks on oil facilities in Saudi Arabia were carried out by an Iranian-backed Houthi rebel group, and the U.S. military responded by striking five Iranian tankers in response to attempted missile attacks on a Navy warship.