The price of oil surpassed $100 a barrel for the first time in almost six weeks after attacks on oil facilities and ships in the Middle East threatened to debilitate an already weakened supply chain.
The most heavily traded contract for a barrel of Brent crude, the international standard, settled at $97.89 before briefly climbing past $100 early Wednesday.
When oil prices spike, prices of gasoline, diesel and jet fuel also rise. That can increase the cost of traveling and of goods that must be transported quickly like fresh food or shipped long distances like furniture and appliances.
Markets reacted after the U.S. military reported striking five Iranian tankers in response to attempted missile attacks on a Navy warship and after attacks by an Iranian-backed Houthi rebel group ignited fires at oil facilities in Saudi Arabia.
