Diesel at Record $5.85 as Hormuz Standoff Lifts Oil Again
The US Maritime Administration warns of attacks as tanker flows fall sharply and Brent rises 8%, raising fuel and inflation pressures.
- Brent crude rose around 0.8% to $97.07 a barrel on Monday, while West Texas Intermediate traded around $92.28, extending gains of almost 8% as Middle East shipping disruptions persist.
- Conflict involving Iran in the Middle East disrupts commercial shipping through the Persian Gulf and Strait of Hormuz; before the conflict, 21.6 million barrels of crude passed through daily according to the Energy Information Administration.
- The Bank expects motor fuels to add around 0.3 percentage points to inflation during the second half of 2026, while higher diesel prices feed directly into British supermarket deliveries, agriculture, and construction costs.
- Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman agreed on Sunday to maintain their September production levels through October, providing no additional supply response to market pressures.
- Sustained crude costs near or above $100 a barrel would hit British households and businesses, though the nation remains less dependent on Gulf oil than Asian economies; global oil supply security concerns persist.
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The price of Brent crude oil reached $98.5 per barrel in today's trading (Tuesday), affected by increasing concerns about disruptions to Middle Eastern oil supply.
Oil and gold prices rise amid global market concerns
London, Sept 08 (SANA) Oil prices continued to rise on Tuesday as growing risks of prolonged tensions in the Middle East raised concerns over possible disruptions to crude supplies. Reuters reported that Brent crude futures rose 34 cents, or 0.35 percent, to $97.34 per barrel, while U.S. West Texas Intermediate (WTI) crude rose $1.15, or 1.26 percent, to $92.63 per barrel. The gains came after Iran threatened to respond to any new U.S. attacks t…
(Seoul = Yonhap News) Reporter Jung Joo-ho = As concerns grow over disruptions to energy supplies through the Strait of Hormuz due to the resumption of hostilities between the U.S. and Iran, Brent crude, the international oil price benchmark...
A barrel of Brent crude oil increased its price by 0.8 percent to US$97.74 most recently.
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