US-Iran Tensions Send Oil Prices Soaring Amid Refining Shift

Oil prices surged to a six-week high on Monday, reaching $97.73 per barrel for Brent and $93.10 for West Texas Intermediate (WTI), amid ongoing tensions between the US and Iran.

The conflict has raised concerns over supply disruptions in the Middle East, with tanker traffic through the Strait of Hormuz being closely watched by oil markets.

Despite the turmoil, Andrew Lipow, president of Lipow Oil Associates, predicts that US gasoline prices will decline as refiners switch from summer-grade fuel to cheaper winter blends in October.

Lipow expects gasoline prices to drop by around 20 cents per gallon, but warns that diesel users may face higher costs due to increased demand during the agricultural harvest and home-heating season.