US-Iran Tensions Send Oil Prices Soaring to One-Week High

Oil prices surged about four percent to a one-week high as renewed fighting between the US and Iran sparked supply fears. The Brent futures price rose by $3.44, or 3.8 percent, to $93.93 per barrel at 1:10 p.m. EDT (1710 GMT), while US West Texas Intermediate crude increased $3.72, or 4.3 percent, to $89.48.

The recent hostilities have raised concerns about prolonged disruptions to energy flows through the Strait of Hormuz, according to Saxo Bank analyst Ole Hansen.

Disruptions at refineries around the world, particularly in the Middle East due to the US-Iran war and in Russia due to Ukrainian attacks, have caused diesel prices to spike. In the US, diesel futures reached a 52-month high yesterday after soaring about 51 percent over the past ten weeks.