US Oil Prices Surge Amid Escalating Tensions with Iran

The US oil market is experiencing a surge in prices due to escalating tensions between the US and Iran. The US military launched air strikes on a small landmass inside the Strait of Hormuz, leading to a retaliatory barrage from Iran. As a result, NYMEX futures rose three percent, nearly wiping out last week's loss.

Kansas common crude at CHS in McPherson started the week at $73.50 per barrel, up two-and-quarter ($2.25) on the week but down a dollar-twenty-five ($1.25) from the first of the month.

Gasoline prices are up slightly nationally and down a little statewide, with the national average increasing to $4.08 per gallon and the Kansas pump price decreasing to $3.79 per gallon.