The price of oil surpasses $100 a barrel for the first time in almost six weeks after attacks on oil facilities and ships in the Middle East threaten to debilitate an already weakened supply chain.
The most heavily traded contract for a barrel of Brent crude, the international standard, settles at $97.89 before jumping 2.4% to $100.29.
US benchmark crude gains 1.9% to $94.77 a barrel.
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 react after the US military reported striking five Iranian tankers in response to attempted missile attacks on a US Navy warship and after attacks by the Iranian-backed Houthi rebel group ignited fires at oil facilities in Saudi Arabia.
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