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

The price of oil has surpassed $100 a barrel for the first time since July following attacks on oil facilities and ships in the Middle East.

Brent crude, the international standard, jumped nearly 3% to $100.72 early Wednesday, while U.S. benchmark crude gained 2.4% to $95.25 a barrel.

The average price for a gallon of regular gasoline hit $4.22 overnight, a 7-cent increase from the previous day and more than a dollar above what it cost at this point last year, according to AAA.

The recent attacks on oil facilities have exacerbated an already weakened supply chain, with markets reacting to the U.S. military's reported strikes on five Iranian tankers in response to attempted missile attacks on a Navy warship and after attacks by an Iranian-backed Houthi rebel group ignited fires at oil facilities in Saudi Arabia.