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

The price of oil surpassed $100 a barrel for the first time since July after attacks on oil facilities and ships in the Middle East threatened to debilitate an already weakened supply chain.

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.

Markets reacted after the U.S. military reported 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.