Oil Prices Surpass $100 Per Barrel Amid Iran Tensions

Oil prices have surged again on Thursday, pushing above $100 per barrel for the first time since before Memorial Day. Brent crude, the international standard, climbed another 4% to get back above $105 per barrel for the first time since May.

The price of U.S. crude rose 3.8%, reaching its highest level in several months. This increase is mainly due to the ongoing war with Iran and the resulting disruption in global oil supplies.

The higher prices are causing concerns about inflation, which has already accelerated to 5.4% at the wholesale level last month, up from 4.8% in July. A report on Friday will show how much U.S. consumers are feeling this effect.