Oil prices post sharp weekly gains as US-Iran hostilities disrupt supply
OIL prices rose on Friday, posting substantial weekly gains as renewed military exchanges between the United States and Iran entered the seventh month of the conflict, while US diesel prices reached a record high amid tightening fuel supplies. Brent ...
Oil prices surged on Friday as renewed military exchanges between the United States and Iran entered their seventh month, causing substantial weekly gains for Brent and WTI crude futures. US diesel prices hit a record high, adding to inflationary pressures and government borrowing costs worldwide. Brent crude settled 76 cents higher at US$92.68 a barrel, while WTI gained 18 cents to settle at US$91.48 for the week.
The conflict in the Middle East has impaired oil supply routes, resulting in average US diesel prices reaching US$5.85 a gallon. Diesel prices could further increase due to lower inventories and higher demand from agricultural sectors entering harvest and planting seasons. Heating oil futures have also risen as winter approaches.
Despite the US government claiming Middle Eastern oil flows have returned to near-normal levels, shipping data shows a significant decrease in vessel transits through the Strait of Hormuz. Analysts warn of further upside risk to Brent crude prices if the conflict intensifies.
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