Energy Prices Soar Amid Iran-US Tensions

In September, energy prices surged due to tensions between Iran and the US. The lack of a settlement between the two countries led to higher crude oil, oil product, and coal prices, which in turn drove up pump prices.

The November NYMEX WTI crude oil futures price rose 7.57% in September, while Brent crude oil, the benchmark for Middle Eastern petroleum, gained 10.82%. Gasoline futures moved 12.85% higher, while heating oil futures rose 10.26%.

Crack spreads, which reflect refining margins, also increased significantly. The November gasoline crack spread rose 21.64%, and the November distillate crack spread posted a 12.15% gain, reaching a new all-time high.