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 a series of 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, 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 stepped-up attacks by Yemen's Houthis could further constrain global oil supplies because they targeted an alternative shipping route that Saudi Arabia has relied on during the war. Higher energy costs have weighed heavily on consumers, businesses, and national economies this year, particularly outside of the U.S.