Tensions with Iran Send Oil Prices Soaring

Oil prices have ended the week higher due to rising tensions between the US and Iran. Brent crude futures settled at $92.68 a barrel, up 76 cents or 0.8%, while West Texas Intermediate crude finished at $91.48 a barrel, up 18 cents or 0.20%. The price of oil has risen by 7.6% for Brent crude and nearly 10% for US crude over the past week.

US diesel prices have hit an all-time high as conflicts in the Middle East intensify supply disruptions. A gallon of diesel now costs $5.85 on average in the US, according to AAA data.

Citi has raised its average Brent crude price forecast for the third quarter to $86 a barrel from $80, citing the reopening of the Strait of Hormuz taking longer than expected.