Oil Prices Soar Past $100 as Middle East Tensions Escalate

The price of oil surged past $100 a barrel on Wednesday, its highest level in more than six weeks. This increase follows U.S. military strikes that destroyed five Iranian tankers and Houthi attacks set oil facilities ablaze in Saudi Arabia.

According to the U.S. Central Command, the strikes targeted vessels used by Iran as part of a multibillion-dollar shadow network that funds the Islamic Revolutionary Guard Corps and its regional proxies. Secretary of State Marco Rubio said the Houthis are 'in many ways, agents and proxies of the Iranians,' and that 'behind some of this is clearly the Iranian hand.'

The most actively traded Brent crude contract, the international benchmark, settled at $97.89 a barrel before rising 2.4% to $100.29 early Wednesday. U.S. benchmark crude gained 1.9% to $94.77 a barrel.