Oil Prices Soar Past $100 as US-Iran Tensions Escalate

Oil prices surged past $100 a barrel on Wednesday as tensions between the US and Iran escalated, threatening to increase costs for consumers and businesses worldwide.

Brent crude, the international standard, climbed into triple digits for the first time since July, settling at $101.21 a barrel, while U.S. benchmark crude finished at $96.05 a barrel.

Experts have warned that a prolonged period of steep prices would worsen the economic fallout, and Lukman Otunuga, market research head at global broker FXTM, noted that 'Brent breaking above $100 is a major psychological milestone for markets, but the bigger concern is what this means for inflation.'

The rising energy costs have already led to higher prices for gasoline and diesel in many countries, with the US average price for regular gasoline reaching $4.22 per gallon, nearly 42% more than before the war began.