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 due to attacks on oil facilities and ships in the Middle East. Brent crude jumped nearly three percent to $100.72 early Wednesday, while U.S. benchmark crude gained 2.4 percent to $95.25 a barrel.
U.S. gasoline prices rose sharply overnight, with the average price for a gallon of regular gasoline ticking up seven cents to hit $4.22 a gallon. Diesel prices have also increased, reaching an all-time high and continuing to climb since Friday.
The national average price for regular grade gasoline in Canada reached CA$1.77 a litre Wednesday, up from $1.73 a week earlier. Jet fuel has become so expensive that U.S. and international carriers have cut flights while raising fares and fees.