Oil Prices Soar Past $100 as Middle East Tensions Escalate
The price of oil has surged past $100 a barrel for the first time in nearly six weeks, following a series of attacks on oil facilities and ships in the Middle East.
The most heavily traded contract for a barrel of Brent crude, the international standard, settled at $97.89 before briefly climbing past $100 early Wednesday.
The increase is attributed to threats to the already weakened supply chain, with the US military striking five Iranian tankers in response to attempted missile attacks on a Navy warship and Houthi rebel group igniting fires at oil facilities in Saudi Arabia.
When oil prices spike, prices of gasoline, diesel, and jet fuel also rise, which can increase the cost of traveling and transporting goods that must be moved quickly like fresh food or shipped long distances like furniture and appliances.