Oil Prices Spike Past $100 Per Barrel Amid Middle East Attacks

The price of oil has surpassed $100 per barrel for the first time in nearly six weeks after attacks on oil facilities and ships in the Middle East caused disruptions to an already weakened supply chain.

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.

U.S. benchmark crude gained 1.9% to $94.77 a barrel, while attacks by an Iranian-backed Houthi rebel group ignited fires at oil facilities in Saudi Arabia and the U.S. military reported striking five Iranian tankers in response to attempted missile attacks on a Navy warship.

The conflict has halted most shipping through the Strait of Hormuz, a narrow waterway through which a fifth of the world's oil supply passed before the war began.