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

Oil prices have surged past $100 a barrel for the first time since July following recent attacks on oil facilities and ships in the Middle East. The price of 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, with the average price for a gallon of regular gasoline ticking up 7 cents to hit $4.22.

Markets reacted after the U.S. military reported striking 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.