Commodities
Middle East Conflict Drives Oil Prices to Record Heights
Oil prices have surged to new heights, surpassing $100 per barrel, as the conflict in the Middle East intensifies. The price of diesel has exceeded an average of $6 per gallon for the first time in the U.S., according to the AAA.
The escalation of the conflict has led to a shrinking window for peace, with Washington and Tehran taking stances that are further polarizing the situation. The Houthis have seized control of the strategic Bab al-Mandab Strait, which connects Asia with Europe via the Red Sea and the Suez Canal.
A key chokepoint for oil traffic, the Strait's control has become crucial in the midst of the conflict. As a result, oil prices remain high, with Brent standing at $104.7 per barrel.