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

Iran’s military released video early Wednesday showing what is said to be missiles and drones being launched toward U.S. vessels and oil tankers, in response to the latest U.S. attack on five Iranian oil tankers.

This satellite image provided by Planet Labs PBC shows a Saudi Aramco oil refinery north of Abha, Saudi Arabia, shortly before a plume of smoke began rising from the facility Tuesday, Sept. 8, 2026. (Planet Labs PBC via AP)

This image provided by Planet Labs PBC shows a plume of black smoke rising from a Saudi Aramco oil refinery, on top, north of Abha, Saudi Arabia Tuesday, Sept. 8, 2026. (Planet Labs PBC via AP)

Oil residue lines the shore near fishing boats on Qeshm Island, Iran, Thursday, Aug. 13, 2026, amid ongoing wartime attacks on vessels and infrastructure in and around the Strait of Hormuz, though the spill’s source has not been independently determined.(Amirhosein Khorgooi/ISNA via AP)

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.