Oil Prices Surge Past $100 Amid Middle East Conflict

Global oil prices have surged past $100 a barrel amid renewed fighting and military strikes in the Middle East, causing concern for consumers who are already feeling the pinch from earlier price increases. The elevated price is a significant turn from lower oil prices seen briefly when hostilities between the US and Iran waned in June.

Companies that rely on petroleum, such as those producing fresh food and school supplies, will likely pass their increased expenses to consumers. Joe Adamski, a managing director at procurement services company ProcureAbility, noted that 'if the cost of petroleum goes up, then everything else goes up as well.'

The higher oil prices are expected to put more strain on US consumers, with gasoline prices returning to $4 or more in most states. Motor club AAA reported that the US price for regular gasoline averaged $4.09 a gallon Thursday, 15 cents more than a week ago.