Oil touches $110 per barrel... Brent sets highest level in four months

- U.S. diesel prices surpass $6 per gallon for the first time ever

Oil prices continued their rise on Friday, driven by escalating concerns over persistent supply disruptions amid increased attacks on key shipping routes in the Middle East and ongoing restrictions on tanker movements through the Strait of Hormuz.

According to the latest data reported by Reuters, Brent crude rose to $109.97 per barrel, marking a four-month high, after jumping more than 6% during Thursday’s trading session.

Brent crude and U.S. crude are on track to record weekly gains of nearly 13%, the largest since the week ending July 17, as fears mount in energy markets that supply disruptions will persist.

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The price hikes come amid continued restrictions on shipping through the Strait of Hormuz, along with escalating attacks on tankers in the region, and growing concerns over navigation safety in the Red Sea.

In the United States, the national average price of diesel surpassed $6 per gallon for the first time ever, according to data from GasBuddy, a fuel price tracking company, as supplies declined and oil prices rose.

Reuters reported that U.S. diesel prices have risen by approximately 60% since the outbreak of the war with Iran in late February. Meanwhile, U.S. diesel inventories are about 13% below their five-year average, according to data from the U.S. Energy Information Administration.

The continued rise in oil and fuel prices is raising concerns about renewed inflationary pressures and higher transportation and goods costs, particularly given the heavy reliance of trucks, trains, ships, and agricultural equipment on diesel fuel.