Oil Soars Past $100 a Barrel Amid Middle East Attacks

The price of oil has surged past $100 a barrel for the first time since July after attacks on oil facilities and ships in the Middle East threatened to disrupt an already weakened supply chain.

Brent crude, the international standard, jumped nearly 3% to $100.72 early Wednesday, while U.S. benchmark crude gained 2.4% to $95.25 a barrel.

The average price for a gallon of regular gasoline rose sharply overnight to hit $4.22, now more than a dollar above what it cost at this point last year, according to AAA.

Rising energy costs have weighed heavily on consumers and businesses globally, particularly outside the U.S., where refinery outages in Russia and reduced refining activity elsewhere have pushed diesel prices sharply higher.