Oil surges above $100 a barrel as US and Iran launch new attacks, while gasoline prices also jump

NEW YORK (AP) — Oil prices shot past $100 a barrel Wednesday as fighting between the U.S. and Iran escalated, threatening to increase costs for consumers and businesses worldwide.

Brent crude, the international standard, climbed into triple digits for the first time since July and settled at $101.21 a barrel by the end of the day’s trading, after attacks on oil facilities and ships in the Middle East that could further debilitate an already weakened supply chain. U.S. benchmark crude was close behind, settling at $96.05 a barrel.