Oil prices surge as US-Iran strikes intensify in Strait of Hormuz
Oil prices spike to six-week highs as US-Iran strikes disrupt traffic in the crucial Strait of Hormuz.
Oil prices are rising to nearly a six-week high amid a wave of strikes between the United States and Iran in the Strait of Hormuz, through which roughly a fifth of the world’s oil supply travels during peacetime.
On Monday, Brent oil futures, the global benchmark, rose to hover around $97 a barrel — up 9 percent over the last five days and 19 percent over the last month. Monday’s market moves are approaching the highest point since July 24th, when prices topped $97.93.
US West Texas Intermediate crude similarly rose to $92.27 a barrel, up 79 cents, also a near six-week high.
“US diesel prices have never been this high, and now the countdown starts for the trickle-down to everything consumers buy… record diesel will start funnelling down into the economy,” Patrick De Haan, head of petroleum analysis at GasBuddy, said in a post on the social media platform X.