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

The price of oil has surged past $100 a barrel for the first time since July as attacks on oil facilities and ships in the Middle East disrupt 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 rose sharply overnight to hit $4.22, now more than a dollar above what it cost at this point last year, according to AAA.

Negotiations over a preliminary deal between the U.S. and Iran to end the conflict broke down over control of the Strait of Hormuz, with Iran insisting on its right to set terms and charge fees for ships traveling through the waterway off its coast.