Oil Prices Surge to $100 Per Barrel Amid Ongoing Middle East Tensions

Global oil prices have surged to their highest level since July, reaching $100 per barrel. Brent crude, the global benchmark, rose 2.8% on Wednesday and traded at $100 per barrel for the first time since July.

The increase in oil prices comes as tensions in the Middle East continue to rise. The US struck four Iranian tankers in the Gulf of Oman and one near Kharg Island in response to attempted ballistic missile attacks on a US Navy warship, according to US Central Command.

Saudi-led forces vowed to respond after the Iran-backed Houthi rebels attacked Saudi Arabia, targeting oil and other infrastructure. The Houthis' attacks add to concerns that the Iran war is broadening out across the region, impacting more oil production and continuing to slow the global flow of oil.

The surge in oil prices has put pressure on supply, leading to higher energy costs for consumers. The average price of gasoline surged by 7.3 cents per gallon on Wednesday, while diesel prices hit a record $5.94 a gallon.