Summary
Oil prices rose above $100 a barrel due to new fighting in the Middle East, causing worries about possible problems with energy supplies. Brent crude, a global oil price standard, increased by almost 3 percent to $100.72 early Wednesday, hitting $100 for the first time since late July.
Key Facts
- Oil prices passed $100 a barrel on Wednesday.
- This is the first time oil has been above $100 since July.
- The rise happened because of recent fighting in the Middle East.
- Brent crude is the main global benchmark for oil prices.
- Brent crude price rose nearly 3 percent to $100.72.
- The fighting may disrupt global energy supplies.
- Higher oil prices can affect costs worldwide.
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