Oil Prices Soar Past $100 Per Barrel Amid Middle East Tensions

The global oil market has been sent into turmoil after a series of attacks on Middle East oil facilities and ships. The price of Brent crude, the international standard, surged past $100 per barrel for the first time in almost six weeks.

The most heavily traded contract for a barrel of Brent crude settled at $97.89 before briefly climbing past $100 early Wednesday.

The spike in oil prices is likely to impact consumers worldwide as gas, diesel, and jet fuel prices rise, increasing the cost of transportation and goods that rely on quick shipping, such as fresh food and furniture.