Oil Prices Soar Past $95 as US-Iran Conflict Escalates

Global oil prices surged past $95 a barrel on Tuesday after the US launched airstrikes against Iranian targets, reigniting fears of prolonged disruption to the Strait of Hormuz.

The attacks followed a weekend exchange of direct attacks between the two countries and came after two tankers were struck while departing the strait on Monday. The UK Maritime Trade Operations agency reported that one tanker was hit by three projectiles near the Omani coast, but no casualties or environmental damage were reported.

Mediation efforts by Qatar and Oman to reopen the waterway have so far failed to gain traction. Iran shut the strait after a US-Israeli attack on February 28.

The conflict has also extended beyond crude, with disruptions at refineries driving diesel prices sharply higher. U.S. diesel futures jumped to a 52-month high on Tuesday, and the diesel crack spread reached a record high of around $107 a barrel.