Oil prices have jumped sharply as the conflict involving the United States and Iran continues to threaten energy supplies and shipping routes across the Middle East.
Brent crude surged more than 6% to $107.63 a barrel, while U.S. West Texas Intermediate crude climbed to $102.48. Both benchmarks moved above the $100 mark amid growing concerns about further disruptions to global oil shipments.
The latest increase comes after a new wave of attacks involving oil tankers and shipping routes in the region. The Strait of Hormuz and other major shipping routes remain a major focus for energy markets because disruptions there can affect supplies reaching countries around the world.
Higher crude prices can quickly affect consumers because oil is used throughout the transportation and production system. Rising energy costs can put additional pressure on gasoline, diesel, shipping, manufacturing and eventually the prices of everyday goods.
U.S. financial markets have also felt the impact. Investors are increasingly concerned that prolonged energy-price increases could add to inflation and make it more difficult for central banks to lower interest rates.
For consumers, the biggest question now is whether the oil-price surge will continue. If disruptions in the Middle East persist, markets could remain highly volatile in the weeks ahead.
Oil above $100 is once again becoming a major concern for the global economy.