Oil Prices Surge to $108 as Global Tensions Remain High
Oil prices reached their highest level since May on Thursday, surging to $108 per barrel for Brent crude and $102.48 for US West Texas Intermediate (WTI) crude.
The increases come as global tensions remain high, particularly in the Middle East, with Iran's conflict continuing to weigh on markets.
According to analysts at ING, the market is still pricing in persistent geopolitical risk, with no credible path to de-escalation.
The jump in oil prices also sent shockwaves through financial markets, with US Treasury yields reaching their highest level since 2023 and mortgage rates rising above 7% for the first time since May 2025.
As a result of the price increases, gasoline and diesel fuel costs rose overnight, with the national average gas price increasing by 5 cents to $4.27 per gallon and diesel fuel prices up 4 cents to $5.98 per gallon.