Oil Prices Soar Past $100 Amid Middle East Conflict

Oil prices have surpassed $100 per barrel for the first time since May amid renewed conflict and military strikes in the Middle East. Brent crude, the international standard, finished up $6.62, or 7%, at $100.69 a barrel, marking its highest close since May 22.

The elevated price is expected to impact various industries that rely on fuel, including food production and transportation. Farmers use diesel fuel to power equipment, while many food products are transported by trucks that require fuel.

According to Cornell University's Food Industry Management Program director Miguel Gomez, oil at $100 'puts upward pressure across the food supply chains.' Fresh produce and dairy may feel a larger impact due to their requirement for refrigeration during delivery.