US Oil Prices Top $100 a Barrel Amid Escalating Global Tensions
Oil prices have surged to levels not seen since July as global tensions escalate. The price of oil, a key benchmark, has topped $100 a barrel for the first time in months.
The spike in oil prices comes amidst ongoing conflicts and trade disputes. On Tuesday, strikes against Iranian oil tankers marked the latest escalation in the Middle East.
According to AAA, diesel prices have reached a record high of $5.94 a gallon, surpassing previous highs set last week. Gasoline prices are also on the rise, with an average national price of $4.22 per gallon on Wednesday.
The increase in oil prices has raised concerns for some Republican candidates ahead of the midterm elections. President Donald Trump is expected to address these concerns at a convention in Texas this week.