Oil Surges Past $100 a Barrel Amid Middle East Attacks

The price of oil has surpassed $100 a barrel for the first time since July after recent attacks on oil facilities and ships in the Middle East. The latest wave of attacks, including those by an Iranian-backed Houthi rebel group that ignited fires at oil facilities in Saudi Arabia, have threatened to debilitate the already weakened supply chain.

Brent crude, the international standard, jumped nearly 3% to $100.72 early Wednesday. U.S. benchmark crude gained 2.4% to $95.25 a barrel, and U.S. gasoline prices rose sharply overnight. The average price for a gallon of regular gasoline ticked up 7 cents overnight to hit $4.22.

The attacks have halted most shipping through the Strait of Hormuz, a narrow waterway through which a fifth of the world’s oil supply passed before the war began. Bank of America analysts increased their oil price forecast for the second half of the year to $83 a barrel in light of more persistent disruptions to Hormuz.