Oil Surpasses $100 a Barrel Amid Ongoing Middle East Tensions

The price of oil has surpassed $100 a barrel for the first time since July due to ongoing attacks on oil facilities and ships in the Middle East, threatening 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 has risen sharply overnight, reaching $4.22 and now more than a dollar above what it cost at this point last year, according to AAA.

Higher energy costs have weighed on consumers, businesses, and national economies this year, particularly outside of the U.S., as refinery outages in Russia and reduced refining activity elsewhere have pushed diesel and gasoline prices sharply higher globally.