Oil Prices Soar Amid US-Iran Conflict
The global oil market continues to rise, with Brent crude approaching $92 a barrel and West Texas Intermediate near $86. The increase is attributed to the ongoing conflict between the US and Iran, which has been escalating for nearly six months.
US President Donald Trump stated that there are no talks underway with Tehran, while the status of the Strait of Hormuz remains contested. Visible traffic through the waterway has remained low, with a recent incident involving a projectile hitting a vessel leaving the strait causing one casualty.
The war between Russia and Ukraine has also contributed to tighter energy markets following attacks on refineries. Product prices, particularly diesel, have rallied significantly harder than oil, putting pressure on drivers, truckers, and farmers as well as industry.