Commodities
US Fuel Prices Soar to Record Highs as Tensions with Iran Escalate
Fuel prices in the US have reached record highs, with Brent crude nearing $100 a barrel and West Texas Intermediate (WTI) pushing towards $95.
According to GasBuddy, the national average price of gasoline has hit $4.09 per gallon, up nearly 11 cents from last month and almost 91 cents from this time last year.
Diesel prices have climbed even more sharply, rising by nearly 30 cents in the past week to $5.87 per gallon.
Patrick De Haan, head of petroleum analysis at GasBuddy, warned that US$6-per-gallon diesel is now a realistic possibility if continued Ukrainian attacks on Russian refining infrastructure knock additional capacity offline.