Oil Prices Soar Past $100 a Barrel Amid Ongoing Middle East Conflict

Oil prices surged past $100 a barrel on Thursday as renewed fighting and military strikes in the Middle East have left global oil supplies stranded. This marks a turn from lower oil prices enjoyed briefly when hostilities between the U.S. and Iran waned in June.

Brent crude, the international standard, last reached $100 a barrel in May. The elevated price is likely to pinch consumers who are already feeling the effects of the Iran war since its start.