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. Both could rise or fall as market trading continues. The increases followed U.S. crude prices jumping by 36 percent and Brent crude prices rising 28 percent last week. Oil prices have surged as the war, now in its second week, ensnared countries and places that are critical to the production and movement of oil and gas from the Persian Gulf. Roughly 15 million barrels of crude oil — about 20 percent of the world’s oil — typically are shipped every day through the Strait of Hormuz , according to independent research
North Korean leader Kim watches cruise missile tests with his daughter
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