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

The price of oil has surpassed $100 a barrel for the first time in almost six weeks due to attacks on oil facilities and ships in the Middle East. The most heavily traded contract for a barrel of Brent crude, the international standard, settled at $97.89 before briefly climbing past $100 early Wednesday.

The U.S. military reported striking five Iranian tankers in response to attempted missile attacks on a Navy warship, and an Iranian-backed Houthi rebel group ignited fires at oil facilities in Saudi Arabia, prompting market reaction.