Oil Prices Soar Past $100 as Iran-US Conflict Continues
Oil prices have surged to over $100 per barrel for the first time since July as tensions between Iran and the US continue. This rise follows a statement from the US Central Command, which said its forces destroyed five Islamic Revolutionary Guard Corps oil tankers.
The IRGC responded by warning all oil tankers in Kuwaiti and Bahrani waters to evacuate their ships. Brent crude oil prices have climbed 2.7%, trading at about $100.57 a barrel for contracts with November deliveries, while US oil traded at around $95 a barrel, up by approximately 2%.
The ongoing conflict has led to the largest oil supply disruption on record and prompted the release of hundreds of millions of barrels from emergency storage in dozens of countries. The war has also resulted in significantly higher gasoline prices, with the average US price reaching $4.22 per gallon, a 41% increase since it broke out.
Diesel prices have hit a new high at an average of $5.94 per gallon in the US, pushing up transport costs for everyday products such as groceries, clothes, and furniture.