Oil Prices Soar Past $100 Per Barrel Amid Strait of Hormuz Tensions

Oil prices surged past $100 per barrel for the first time since July as tensions in the Strait of Hormuz escalated between the U.S. and Iran.

The recent increase is part of a larger trend, with oil prices up approximately 40% since the war began in late February.

As crude oil is a key component in hundreds of consumer products, including gasoline, the supply shock resulting from the bottleneck out of the Persian Gulf has sent gas prices soaring in the United States.

Average gas prices over the holiday weekend hit an all-time Labor Day high of $4.14 nationwide, and have continued to rise since, reaching $4.22 as of September 9th.