Oil prices hit the five-week high level today. The prices surged over $4 a barrel amid renewed US-Iran strikes, threatening supply disruptions.
Brent crude futures gained $4.16, or 4.6%, to settle at $94.65 a barrel. Meanwhile, US West Texas Intermediate crude rose $4.46, or 5.2%, to $90.22.
Brent recorded its highest closing price since July 24, while WTI reached its strongest close since July 23.
The gains followed fresh US air strikes against Iranian targets, reviving concerns that the conflict could expand across the Middle East.
Oil prices had already climbed after direct attacks resumed last weekend following a period of relative calm.
Concerns over Strait of Hormuz deepen
Reports that two tankers were hit while leaving the Strait of Hormuz further supported oil prices.
The waterway remains a critical route for global energy supplies, while Iran has effectively halted commercial shipping through the strategic passage.
Tehran has warned that it could prevent oil exports from the Gulf as tensions with Washington intensify.
US President Donald Trump also threatened stronger action against Iran following renewed Iranian strikes.
US Central Command said its forces began attacking Islamic Revolutionary Guard Corps targets in Iran on Tuesday.
The command linked the strikes to alleged Iranian attacks against commercial shipping and US personnel in the region.
Meanwhile, Saxo Bank analyst Ole Hansen said the renewed fighting raised concerns about prolonged disruptions to energy flows through Hormuz.
Diesel prices hit multi-year high
Elsewhere, disruptions at refineries in the Middle East and Russia pushed diesel prices sharply higher.
US diesel futures reached a 52-month high after rising 51% over the past 10 weeks.
At the same time, the diesel-crude refining spread reached a record level of about $107 a barrel, according to LSEG data.
Russia’s continued involvement in the conflict also remains significant because it ranked among the world’s largest crude producers in 2025.
