Crude oil prices surpass $100 a barrel as the Iran war impedes production and shipping

CHICAGO: Oil prices have eclipsed $100 per barrel for the first time in more than three and a half years as the Iran war hinders production and shipping in the Middle East. The price for a barrel of Brent crude, the international standard, was at $101.19 shortly after trading resumed on the Chicago Mercantile Exchange, up 9.2 percent from its settlement price of $92.69 Friday. West Texas Intermediate, the light, sweet crude oil produced in the United States, was selling for about $107.06 a barrel. That’s 16.2 percent higher than its Friday settlement price of $90.90.

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