Oil Prices Surge on Renewed US-Iran Tensions, Diesel Hits Record High

Oil prices rose on Friday as the US and Iran resumed military exchanges, pushing Brent crude futures up 76 cents to $92.68 a barrel, while West Texas Intermediate crude settled at $91.48 a barrel, up 18 cents.

This marked the end of a week that saw both Brent and US crude gain significantly, with Brent rising 7.6% and US crude gaining nearly 10%, as supply routes in the Middle East remained impaired due to the ongoing conflict.

The rally in oil prices has pushed inflation and government borrowing costs higher around the world, intensifying fears of a slowdown in global economic growth.