Middle East Tensions Send Energy Prices Soaring

Escalating tensions in the Middle East have driven energy prices higher. The US-Iran conflict has pushed Brent crude oil above $95 per barrel, its highest level in over a month.

The conflict has disrupted oil flows through the Strait of Hormuz, with the US energy secretary stating that 17 million barrels of oil flowed through the strait on Monday, the highest volume since the conflict began. However, this number is uncertain and may not accurately reflect the current situation.

The tightness in refined product markets has led to record highs in the ICE gasoil crack, with prices reaching around $79 per barrel. The diesel crack in the US is also trading above $100 per barrel, reflecting the acute tightness in the market.