Oil Prices Soar as US-Iran Fighting Resumes, Diesel Hits Record High

Oil prices surged this week by over 6% as fighting between the US and Iran resumed, pushing diesel prices to a record high.

Average U.S. diesel prices have reached unprecedented levels due to renewed hostilities and Ukrainian attacks on Russian refineries, disrupting supply chains.

Citi raised its Brent crude price forecast for Q3 to $86 a barrel from $80, citing the strait's reopening as taking longer than expected.

Analysts warn that the global economy may be heading for a hard landing due to rising inflation and government borrowing costs.