Iran-US Conflict Pushes Oil Prices to Record Highs

The ongoing conflict between Iran and the US has caused crude oil prices to surge, hitting nearly $120 per barrel. The International Benchmark Brent Crude rose to $96.28 per barrel last Friday. The impact of expensive oil is being felt across the globe.

In the US, diesel prices have reached an all-time high. Meanwhile, US Treasury Secretary Scott Mnuchin said that after the conflict with Iran ends, crude oil prices could drop to $40 per barrel and bond yields may decrease from their current record-high levels.

Bloomberg reports that Mnuchin stated in an interview that the US will exit the conflict with Iran and then the oil market could see a significant increase in supply. This could lead to oil prices dropping to $50 or $40 per barrel.