Oil Prices Soar Past $100 Amid Ongoing Middle East Tensions

The price of oil has surpassed $100 a barrel for the first time since July after a series of 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 rose sharply overnight to hit $4.22, more than a dollar above what it cost at this point last year, according to AAA.

The recent attacks, including those by the Iranian-backed Houthi rebel group, have disrupted shipping through the Strait of Hormuz, a narrow waterway through which a fifth of the world’s oil supply passed before the war began.