Oil Prices Surge Past $100 as US-Iran Tensions Escalate

Oil prices shot past $100 per barrel on Wednesday as fighting between the U.S. and Iran escalated, causing concern about economic fallout from a prolonged period of steep prices.

The price surge follows recent attacks on oil facilities and ships in the Middle East, which have debilitated an already weakened supply chain.

Brent crude, the international standard, settled at $101.21 per barrel by the end of trading, while U.S. benchmark crude was close behind at $96.05 per barrel.

The price hike will increase costs for consumers and businesses worldwide, with higher energy costs trickling down to everyday goods such as groceries, clothing, and cosmetics.