Oil prices breach $100 a barrel amid Middle East military escalation

Oil prices passed $100 a barrel on Wednesday after military strikes between the US and Iran. Brent crude, the main global benchmark, reached $100.72, its highest point since late July. The US struck five Iranian oil tankers in the Gulf of Oman. Iran responded by firing missiles at a US base in Jordan, though most were stopped. Iran also claimed to have hit two US ships and eight tankers near the Strait of Hormuz. Yemen's Houthi forces attacked Saudi oil facilities on Tuesday and have been hitting tankers in the Red Sea. A ceasefire between the US and Iran broke down in early September. Airlines have already cut flights and raised ticket prices because jet fuel has become very expensive.