Oil heads for weekly gain as US-Iran fighting resumes; diesel hits record high

Oil prices dipped on Friday, but are set to rise over 6 percent this week following renewed U.S.-Iran military exchanges, as the conflict enters its seventh month. U.S. diesel prices hit a new record high. Brent crude futures fell 23 cents, or 0.24 percent, to $95.29 a barrel, while West Texas Intermediate crude futures declined 54 cents, or 0.59 percent, to $90.76.

Brent crude futures have risen 6.1 percent for the week, and U.S. West Texas Intermediate crude futures have gained 8.3 percent. The surge in oil prices, combined with a sharp increase in fuel prices, has fueled inflation and debt costs worldwide, raising concerns about a potential global economic slowdown. Analysts warn that the global economy may be heading for a hard landing.