Oil Prices Surge on Renewed US-Iran Conflict Amid Supply Disruptions

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

The rally in oil prices was driven by supply disruptions due to the war in the Middle East. Brent crude rose 7.6 percent for the week, while US crude gained nearly 10 percent as supply routes remained impaired.

Average US diesel prices hit record highs of $5.85 per gallon on average, according to AAA data. The price of diesel could rise even further due to inventory drawdowns and agricultural states heading into harvesting and planting seasons.