Commodities
Oil Prices Soar Amid US-Iran Conflict: Global Energy Supplies in Jeopardy
The global oil market is experiencing significant fluctuations as tensions between the U.S. and Iran escalate. The conflict has disrupted major oil routes, fueled concerns about energy supplies, and heightened uncertainty surrounding the Strait of Hormuz.
According to recent data, a barrel of oil stood at approximately $107.35 as of 5:00 a.m. MT/6:00 a.m. CT on Monday, September 14. Brent crude also climbed above $108 a barrel during trading.
The impact of these rising oil prices is being felt at the pump, with gas prices reaching record highs. The national average for regular gasoline stands at about $4.31 per gallon, while diesel prices have surpassed $6 per gallon.