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

The price of oil surged past $100 a barrel for the first time since July after recent attacks on oil facilities and ships in the Middle East. Brent crude, the international standard, jumped nearly 3% to $100.72 early Wednesday, while U.S. benchmark crude gained 2.4% to $95.25 a barrel.

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. Diesel prices have also climbed sharply, reaching an all-time high and continuing to rise since Friday, when the average price for a gallon reached $5.94.

The recent attacks were sparked by the U.S. military's report of striking five Iranian tankers in response to attempted missile attacks on a Navy warship and after attacks by an Iranian-backed Houthi rebel group ignited fires at oil facilities in Saudi Arabia.