Iran War Sparks Oil Price Volatility as Crude Rates Soar

The Iran war has led to a new shortage in the energy marketplace and increased price volatility. As a result, prices for Very Large Crude Carriers have skyrocketed, with daily rates exceeding $1 million for the most expensive routes.

Diesel prices have also risen, reaching $6.52 per gallon nationwide, while Kansas gasoline prices average $4.17 a gallon, 30 cents lower than the national average of $4.47 per gallon.

Crude oil prices have fallen nearly five percent in both New York and London benchmarks on Monday, with dated Brent crude trading at over $116 dollars a barrel but the next-month contract below $100.