US-Iran Conflict Sends Oil Prices Surging Amid Rising Production
The recent exchange of fire between the US and Iran has sent oil prices surging. The conflict led to NYMEX futures rising by three percent, almost wiping out last week's four-dollar loss.
Kansas common crude at CHS in McPherson started the week at $73.50 per barrel, up two-and-a-quarter on the week but down a dollar-twenty-five from the start of the month.
The average national gasoline price is up slightly to $4.08 per gallon, while Kansas pump prices are down about a penny to $3.79 per gallon.
US crude-oil production had its top-ten week, surpassing 13.8 million barrels a day for the third straight week.
The Strategic Petroleum Reserves have dropped to just under 290 million barrels of actual crude oil, with a hard stop on reductions below 252 million barrels.