Oil Prices Exceed $100 Per Barrel Following Middle East Attacks

Why it matters locally: Wyoming, a significant crude oil-producing state, is likely to see direct economic effects from these rising oil prices, potentially boosting state revenue from severance taxes and royalties.

NEW YORK — The price of oil rose above $100 a barrel today, reaching a level not seen since July. This increase followed a series of attacks targeting oil facilities and ships in the Middle East. The attacks generated concerns regarding potential disruptions to the global oil supply chain, which analysts describe as already vulnerable. Energy markets reacted to the incidents by driving up futures contracts for crude oil. Market observers have noted the Middle East region's role as a key source of global oil supply. Incidents impacting its production or transport infrastructure often influence international oil prices.