US-Iran Tensions Send Oil Prices Soaring Amid Diesel Supply Crunch

The tensions between the U.S. and Iran have pushed oil prices higher as the diesel crack spread in the U.S. topped $100 per barrel for the first time in history.

Iran's declaration of a 'fully offensive' strategy in its war with the United States has increased uncertainty, driving up crude oil prices. Brent crude is trading at $91.33 per barrel, while West Texas Intermediate is at $85.08 per barrel, according to current market values.

The U.S. refusal to extend a ceasefire that was agreed in June but only lasted for less than a month has added to the tensions. President Trump threatened to bomb Gulf ally Oman if it finalized its deal with Iran for the joint management of the Strait of Hormuz.