Oil hits $100 a barrel for first since July as Middle East conflict intensifies again

The price of oil breached the $100 threshold Wednesday for the first time since July, as new flare-ups in the United States’ war with Iran stoked fresh concern for global energy markets.

The price of oil breached the $100 threshold Wednesday for the first time since July, as new flare-ups in the United States’ war with Iran stoked fresh concern for global energy markets.

The spike came a day after the U.S. military said it destroyed five Iranian tankers in response to attempted missile attacks on a Navy warship. Tehran responded with attacks on U.S. ships and a base in Jordan, the latest bout of fighting in a conflict that remains unresolved after months of global economic disruption.

Elsewhere new attacks by a Tehran-backed rebel group set oil facilities ablaze in Saudi Arabia and threatened a significant new escalation in that conflict.

The international benchmark, Brent crude, rose above the symbolic $100 mark at a little after 3 a.m. ET, before pushing higher to nearly $101 later in the morning.

While about 40% higher than prewar levels, Brent was still below the peak of $120 in the early days of the war. Since the start of the year, the benchmark is up by more than 65%.