Commodities
US Oil Prices Top $100 as Tensions with Iran Continue
The price of US crude oil has risen above $100 per barrel for the first time since May, driven by ongoing tensions in the Middle East. The Brent crude index, which sets the global standard, also broke above $105 per barrel.
This surge in oil prices comes as the US-Iran conflict continues to disrupt global oil supplies through the Strait of Hormuz. President Donald Trump has stated that oil prices are unlikely to drop until after the US midterm elections.
The increasing cost of fuel is already having a significant impact on household budgets, with gasoline prices up 32% from last year at $4.22 per gallon in the US. Diesel prices have also reached an all-time high, averaging $5.94 per gallon.