Oil hits above US$100 a barrel once again

Oil prices shot past US$100 a barrel on Wednesday as fighting between the US and Iran escalated, threatening to increase costs for consumers and businesses worldwide. Brent crude, the international standard, climbed into triple digits for the first time since July and settled at US$101.21 a barrel. US benchmark crude was close behind, finishing at US$96.05 a barrel a day after attacks on oil facilities and ships in the Middle East raised the risk of further disruptions to global supplies already constrained by war.