U.S. oil tops $100 as Iran war shows no sign of ending soon

U.S. crude oil passed $100 per barrel Sunday, continuing its surge despite efforts by the Trump administration and allied countries to slow rising prices.

U.S. crude oil hit $100 per barrel Sunday, continuing its surge as the U.S.-Israeli war with Iran shows no signs of ending soon and despite attempts by the Trump administration and allied countries to slow rising prices.

As oil futures trading resumed trading at 6 p.m. ET, U.S. crude oil jumped more than 2%, to around $102 per barrel. The international oil benchmark, Brent crude, also jumped, to $106 per barrel.

On Wednesday, the 32 countries that make up the International Energy Agency unanimously agreed to release a collective 400 million barrels of oil in the largest emergency release ever.

Lawmakers, investors and consumers alike had all hoped the move would cut prices and reassure the markets. Oil prices momentarily fell below $80 a barrel after the announcement, before they resumed their steady march higher.

Since the war started, U.S. oil prices have risen nearly 50%. So far this year, the cost of U.S. crude has risen nearly 75%.