Oil Prices Reach Three-Month High as U.S.-Iran Military Strikes Resume and Diesel Hits Record High

TLDR

• Brent crude surged 8.8% for the week to $95.85 a barrel, while WTI rose 9.4% to $91.22
• U.S. and Iran exchanged military strikes for the first time since July, targeting Strait of Hormuz infrastructure
• The EU officially joined the U.S.-led operation to economically squeeze Iran through sanctions
• U.S. diesel prices hit a new all-time record of $5.85 a gallon, topping the 2022 peak
• OPEC+ is expected to keep its October output policy unchanged when it meets Sunday

Oil prices surged to their highest levels in roughly three months this week as military exchanges between the U.S. and Iran reignited fears over oil supply through the Strait of Hormuz.

Brent crude settled at $95.85 a barrel, up 8.8% for the week. U.S. West Texas Intermediate settled at $91.22 a barrel, a 9.4% weekly gain.

The price spike came after the U.S. and Iran traded strikes for the first time since July. President Donald Trump said the fighting would not last “too long” and that U.S. strikes targeted infrastructure Iran had been rebuilding around the strait.

… Continue reading the full article at the original source below.