The price of oil surpassed $100 a barrel for the first time since July after attacks on oil facilities and ships in the Middle East threatened to debilitate an 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, now more than a dollar above what it cost at this point last year, according to AAA. Diesel prices, which can have an outsized impact on consumers because it is used in shipping and production, hit an all-time high Friday and has continued to climb since. The average price for a gallon reached $5.94 overnight and is now 9 cents higher than it was Friday. Jet fuel has become so expensive that U.S. and international carriers have cut flights while raising fares and fees.
