Oil Prices Soar Past $100 Amid Middle East Conflict

Oil prices have surged past $100 a barrel amid renewed fighting in the Middle East, leading to higher costs for consumers. The price of crude oil is up from lower levels seen when hostilities between the US and Iran waned in June.

Companies that rely on fuel, such as grocery chains and shipping services, will likely pass on increased expenses to customers. This means higher prices for gasoline, groceries, and other goods.

The US price for regular gasoline averaged $4.09 a gallon Thursday, with drivers in most states paying $4 or more, according to motor club AAA.

Higher fuel costs are also affecting the shipping industry, leading to increased prices for imported goods and products that require refrigeration during delivery.