Oil Prices Soar Past $100 as Middle East Attacks Disrupt Supplies

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. Brent crude, the international standard, jumped nearly 3% to $100.72 early Wednesday.

U.S. benchmark crude gained 2.4% to $95.25 a barrel, while U.S. gasoline prices rose sharply overnight, hitting an average of $4.22 per gallon. Diesel prices have also surged, reaching an all-time high of $5.94 per gallon.

The recent attacks by Iran-backed Houthi rebels on oil facilities in Saudi Arabia and the U.S. military's strikes on Iranian tankers have disrupted global oil supplies. Bank of America analysts warn that if attacks continue to hinder shipping through the Strait of Hormuz, prices could reach $95 to $120 a barrel.