Crude Oil Prices Soar Past $100 A Barrel Amid U.S., Israeli Strikes On IranCrude oil prices surpassed a whopping $100 per barrel on Sunday as U.S. and Israeli strikes continued in Iran.As of Sunday evening, a barrel of Brent crude had broken $114, the highest it's been priced since 2022. These spikes were driven by disruptions to the Strait of Hormuz, which has seen traffic slow significantly due to U.S. attacks in the region and Iran’s threats against any ships taking the route.Roughly one-fifth of the world's oil supply flows through the Strait, so any disruptions to it can lead to major dips in inventory. The Trump administration has announced a reinsurance program for ships “operating in and around the Gulf," and floated the idea of possible Navy escorts for these vessels in order to assuage companies' security concerns.Ongoing safety threats, however, could mean that corporations remain reluctant to deploy their boats in the region.Over the weekend, Israel also attacked 30 fuel depots in Iran in an effort to undercut the military's access to energy resources. Soaring oil prices have already translated to surges in U.S. gas costs, fueling longstanding concerns about inflation.See All UpdatesClose