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

The price of oil has surpassed $100 a barrel for the first time since July after recent attacks on oil facilities and ships in the Middle East. The 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.

U.S. gasoline prices rose sharply overnight, with the average price for a gallon of regular gasoline ticking up 7 cents to hit $4.22. Diesel prices have also continued to climb since hitting an all-time high on Friday, reaching $5.94 overnight and making jet fuel so expensive that U.S. and international carriers have cut flights while raising fares and fees.

The recent attacks were sparked by the U.S. military striking five Iranian tankers in response to attempted missile attacks on a Navy warship, as well as attacks by an Iranian-backed Houthi rebel group igniting fires at oil facilities in Saudi Arabia.