Oil Prices Soar on Ongoing Middle East Tensions

Oil prices rose on Friday after the United States and Iran resumed military exchanges in their ongoing conflict. The Brent crude futures settled at $92.68 a barrel, up 76 cents or 0.8%, while West Texas Intermediate crude futures finished at $91.48 a barrel, up 18 cents or 0.20%.

The week saw significant gains for oil prices, with Brent crude rising 7.6% and US crude gaining nearly 10%. The increased tension in the Middle East has led to supply disruptions, driving up fuel costs.

Average US diesel prices hit record highs, reaching $5.85 per gallon according to AAA data. This is attributed to renewed hostilities between the US and Iran as well as Ukrainian attacks on Russian refineries.