Oil Prices Surge Amid Middle East Tensions | US News

Oil prices are surging past $100 a barrel as Middle East tensions escalate, with Brent nearing $110 and WTI cracking $100 — the biggest weekly gains since July. The Strait of Hormuz looms as a flashpoint, fueling fears of a prolonged supply crunch and pushing analysts to forecast Brent could hit $120 by year-end. Diesel prices have soared above $6 a gallon, triggering alarm bells across industries and supply chains. With refineries already stretched thin, global energy shortages threaten to deepen, forcing central banks like the Fed and ECB to grapple with inflation while risking economic slowdown — all eyes remain on volatile shipping lanes for any sign of relief.

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