Oil Prices Near $100 Weekly Close Amid Record US Diesel Price
Oil prices fell slightly on Friday but remained poised to finish the week above $100 per barrel for the first time since mid-May. The U.S. national average diesel price hit a record high due to ongoing disruptions in energy supplies and shipping routes, particularly around the Strait of Hormuz. Tensions escalated after Iran attacked 10 ships near the Strait following previous U.S.-led strikes on Iranian tankers. Ship traffic through the strategic waterway dropped below recent averages, raising concerns over global oil flows. Analysts noted that ongoing geopolitical tensions and supply disruptions are contributing to high volatility in crude prices. Meanwhile, U.S. President Donald Trump suggested potential military action against Iran ahead of November elections, while China announced an increase in fuel price caps. The International Energy Agency warned that the war with Iran is delaying normal oil flows into 2027.
Topics: Brent crude Iran-US tensions oil prices Strait of Hormuz West Texas Intermediate (WTI)