Oil Prices Surge Above $100 as Middle East Tensions Escalate

Oil prices are on track to end the week above $100 a barrel for the first time since mid-May, despite falling on Friday. The increase in attacks along key shipping routes in the Middle East has fueled fears of a prolonged disruption to supplies.

The Financial Times reported that foreign ministers in the region are trying to work out a temporary deal with Iran to manage shipping through the Strait of Hormuz. However, analysts say the situation remains fragile, with flows still well below pre-war levels.

U.S. diesel prices have surpassed $6 a gallon for the first time ever, due to supply disruptions caused by the U.S.-Iran war and Ukrainian attacks on Russia's refineries.