Commodities
Oil Prices Surge Past $100 a Barrel Amid Middle East Attacks
Oil prices have surged past $100 a barrel for the first time since July after a recent wave of attacks on oil facilities and ships in the Middle East. The Brent crude, the international standard, jumped nearly 3% to $100.72 early Wednesday.
The U.S. benchmark crude gained 2.4% to $95.25 a barrel, while U.S. gasoline prices rose sharply overnight, with the average price for a gallon of regular gasoline reaching $4.22.
Recent attacks by an Iranian-backed Houthi rebel group have ignited fires at oil facilities in Saudi Arabia, and the US military has reported striking five Iranian tankers in response to attempted missile attacks on a Navy warship.