Iran-US Conflict Sends Oil Prices Soaring

The escalating conflict between Iran and the US has resulted in the largest wave of attacks on shipping since the start of the six-month-old war. According to reports, Iran attacked 10 ships near the Strait of Hormuz, while the US sank five Iranian oil tankers in retaliation. The price of oil surged as a result, with benchmark Brent crude futures breaching $100 a barrel for the first time since July.

At least one seafarer was reported killed and another listed as missing after an attack on an oil products tanker near Dubai. Iran also fired ballistic missiles at a base used by US forces in Jordan, but most of them were intercepted by Jordanian air defenses.

The attacks have caused significant uncertainty for energy markets, with the average retail price of US diesel hitting a fresh all-time high above $5.94 a gallon. The conflict has also led to a surge in the cost of refined fuels, as well as concerns about global energy supplies from the Middle East.