Commodities
Oil Prices Soar Above $100 as Iran-US Conflict Escalates
Oil prices surged on September 9 as tensions between Iran and the US continued to escalate. The conflict has caused crude oil prices to jump above $100 per barrel, with Brent crude reaching a high of $102.53.
The increased cost of oil is driving up fuel prices across the US, with diesel prices rising 37 cents to $5.967 on average, according to data from the U.S. Energy Information Administration (EIA). Gasoline prices also rose by 9 cents to $4.157.
The West Coast saw the largest increase in diesel prices, with costs rising 49 cents to $6.987 per gallon. The national average for gasoline is now higher than ever before on Labor Day weekend, reaching a record high of $4.157 per gallon.