Middle East Tensions Push Oil Prices to Six-Week High
The global oil market is experiencing heightened tensions as crude prices breach $100 per barrel for the first time in nearly six weeks. This surge follows intensifying violence in the Middle East, which has severely impacted the global flow of oil and contributed to rising energy costs.
The price of Brent crude, the international standard, rose 2.8% to reach a record high of $100.70 per barrel. Meanwhile, benchmark US crude gained 2.4% to $95.28 per barrel, putting upward pressure on gasoline prices.
As a result, the average price for a gallon of regular gasoline has increased by 7 cents overnight to reach $4.22, surpassing last year's cost by over a dollar. Diesel prices have also reached an all-time high, with the average price per gallon now at $5.94.