The price of oil surpassed $100 a barrel for the first time since July after\u00a0attacks\u00a0on oil facilities and ships in the Middle East threatened to debilitate an already weakened supply chain.<\/p>\n
\n
Brent crude, the international standard, jumped nearly 3% to $100.72 early Wednesday.<\/p>\n
U.S. benchmark crude gained 2.4% to $95.25 a barrel, and U.S. gasoline prices rose sharply overnight.<\/p>\n
The average price for a gallon of regular gasoline ticked up 7 cents overnight to hit $4.22, now more than a dollar above what it cost at this point last year, according to AAA.<\/p>\n
Diesel prices, which can have an outsized impact on consumers because it is used in shipping and production, hit an\u00a0all-time high Friday\u00a0and has continued to climb since. The average price for a gallon reached $5.94 overnight and is now 9 cents higher than it was Friday.<\/p>\n
Jet fuel has become so expensive that U.S. and international carriers have cut flights while raising fares and fees.<\/p>\n
Markets reacted after the U.S. military reported striking\u00a0five Iranian tankers\u00a0in response to attempted missile attacks on a Navy warship and after attacks by an Iranian-backed Houthi rebel group ignited fires at oil facilities\u00a0in Saudi Arabia.<\/p>\n
Crude oil prices shot up after Israel and the United States initiated a war with Iran, and they have fluctuated considerably during the more than six months since then. The fighting has halted most shipping through the\u00a0Strait of Hormuz, a narrow waterway through which a fifth of the world\u2019s oil supply passed before the war began.<\/p>\n
Brent traded between about $70 to $100 a barrel for much of March, April and May. In July, prices\u00a0swung between\u00a0$72 and $102, reflecting rising and falling hopes that the U.S. and Iran would agree on a plan that would allow stranded tankers to move oil safely out of the Persian Gulf.<\/p>\n
\u201cIn our view, reaching a durable deal before the U.S. midterm elections is increasingly unlikely, and it could remain elusive even beyond that,\u201d Bank of America analysts said in a Tuesday research note.<\/p>\n
The analysts increased their oil price forecast for the second half of the year to $83 a barrel \u201cin light of more persistent disruptions to Hormuz,\u201d but said they still expected shipping through the strait to gradually pick up. If attacks keep a chokehold on traffic, prices could reach $95 to $120 a barrel, while damage to major energy infrastructure could produce spikes of up to $150 a barrel, the analysts wrote.<\/p>\n
Negotiations over a preliminary deal between the U.S. and Iran to end the conflict broke down over\u00a0control of\u00a0the Strait of Hormuz. Iran insists it has the right to set the terms and charge fees for ships traveling through the waterway off its coast. The U.S. wants passage to remain free and has used a Navy blockade to\u00a0block Iran\u2019s ports\u00a0and oil tankers.<\/p>\n
Recent stepped-up attacks\u00a0by Yemen\u2019s Houthis\u00a0could constrain global oil supplies even more because they targeted an\u00a0alternative shipping route\u00a0that Saudi Arabia has relied on to transport oil during the war.<\/p>\n
Higher energy costs have\u00a0weighed on consumers, businesses and national economies\u00a0this year, particularly outside of the U.S. Refinery outages in Russia, reduced refining activity elsewhere and sharply declining inventories have pushed diesel and gasoline prices sharply higher globally, Bank of America said this week.<\/p>\n
Yet rising prices may have an outsized impact on the upcoming U.S. midterm elections, now just 8 weeks away.<\/p>\n
___<\/p>\n
AP Business Writer Rio Yamat contributed from Las Vegas.<\/p>\n<\/div>\n
#Oil #surges #barrel #diesel #climbs #record #gallon<\/p>\n","protected":false},"excerpt":{"rendered":"
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