Oil Prices Soar Past $100 as Middle East Tensions Escalate

The price of oil has surpassed $100 a barrel for the first time in almost six weeks due to ongoing 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 jumping 2.4% to $100.29 early Wednesday.

This surge in price is attributed to concerns over an already weakened supply chain, which has been further threatened by these attacks.