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

The price of oil surged past $100 a barrel on Wednesday, its highest level in more than six weeks, after a series of attacks in the Middle East. The U.S. military struck five Iranian tankers and Houthi rebels set oil facilities ablaze in Saudi Arabia.

According to U.S. Central Command, the strikes targeted vessels used by Iran as part of a multibillion-dollar shadow network that funds the Islamic Revolutionary Guard Corps and its regional proxies.

The attacks come after Secretary of State Marco Rubio said the Houthis are 'in many ways, agents and proxies of the Iranians,' and that 'behind some of this is clearly the Iranian hand.'

As a result of the rising oil prices, U.S. benchmark crude gained 1.9% to $94.77 a barrel, while Brent crude, the international benchmark, rose 2.4% to $100.29.