Oil rises past $100 a barrel after the latest wave of Middle East attacks

NEW YORK (AP) – The cost 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.

Key points

• Brent crude, the international standard, jumped almost 3% to $100.72 early Wednesday.
• Benchmark crude gained 2.4% to $95.25 a barrel, and U.S.
• The average cost for a gallon reached $5.94 overnight and is now 9 cents higher than it was Friday.

U.S. Benchmark crude gained 2.4% to $95.25 a barrel, and U.S. Gasoline rates rose sharply overnight.

Notably, the average cost 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 rates, which can have an outsized impact on consumers as it is applied in shipping and production, hit an all-time high Friday and has continued to climb since. The average cost for a gallon reached $5.94 overnight and is now 9 cents higher than it was Friday.

For now, oil rises past $100 a barrel after the latest wave of Middle remains the part of the story worth watching, and further updates are likely as more details are confirmed.