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 after attacks on oil facilities and ships in the Middle East intensified. Brent crude, the international standard, jumped nearly 3% to $100.72 early Wednesday.
The U.S. benchmark crude gained 2.4% to $95.25 a barrel, while 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, more than a dollar above what it cost at this point last year.
The disruptions to the global oil supply chain have been ongoing since July, when crude oil prices swung between $72 and $102 a barrel reflecting rising and falling hopes that the U.S. and Iran would agree on a plan to allow stranded tankers to move oil safely out of the Persian Gulf.