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 after recent attacks on oil facilities and ships in the Middle East. The international standard, Brent crude, jumped nearly 3% to $100.72 early Wednesday.

U.S. benchmark crude gained 2.4% to $95.25 a barrel, and U.S. gasoline prices rose sharply overnight. 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.

Diesel prices have reached an all-time high, hitting $5.94 overnight and are 9 cents higher than they were on Friday. Jet fuel has become so expensive that U.S. and international carriers have cut flights while raising fares and fees.