Oil Prices Surpass $100 Threshold Per Barrel

The international benchmark, Brent crude, rose to $101. Since the start of 2026, the benchmark is up by over 65%.

The price of oil surpassed the $100 threshold Wednesday for the first time since July.

The international benchmark, Brent crude, rose to $101. While around 40% higher than prewar levels, Brent was still below the peak of $120 in the early days of the war. Since the start of 2026, the benchmark is up by over 65%. U.S. crude oil is also up increasing above $95 per barrel for the first time since June. Wednesday, the national average price is $4.22 per gallon.

The spikes come just 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 exchanges continue to cause global economic disruption.