Oil Surpasses $100 a Barrel Amid Middle East Tensions

The price of oil has surpassed $100 a barrel for the first time in almost six weeks after attacks on oil facilities and ships in the Middle East. The Brent crude contract, which is the international standard, jumped 2.4% to $100.29 early Wednesday.

The U.S. benchmark crude gained 1.9% to $94.77 a barrel. This increase in oil prices will likely lead to higher costs for gasoline, diesel, and jet fuel, affecting consumers and businesses worldwide.

The recent attacks on oil facilities and ships have caused disruptions to the supply chain, with Iran-backed Houthi rebels igniting fires at oil facilities in Saudi Arabia. The U.S. military has also reported striking five Iranian tankers in response to attempted missile attacks on a Navy warship.