US-Iran Conflict Pushes Oil Prices Higher Amid Supply Disruptions

Oil prices declined on Friday but are still expected to gain more than 6% for the week following renewed US-Iran military exchanges. The conflict has disrupted oil supplies, causing prices to rise.

The average U.S. diesel price hit a record high due to supply disruptions caused by the US-Iran hostilities and Ukrainian attacks on Russian refineries.

Analysts say that the risk premium is quickly appearing in the market, with Brent crude futures up 6.1% for the week and U.S. West Texas Intermediate crude futures gaining 8.3%.