Oil prices continued to climb as the conflict between the U.S. and Iran fueled new concerns about energy supplies and shipping routes through the Middle East.
The price of a barrel of oil stood at about $107.35 as of 5 a.m. MT/6 a.m. CT on Monday, Sept. 14. The latest increase comes amid disruptions to major oil routes and heightened uncertainty surrounding the Strait of Hormuz, one of the world's most important passages for crude oil and other energy shipments.
Higher crude prices are also showing up at the pump for drivers.
Gas prices today
The national average for a gallon of regular gasoline remains above $4, while diesel prices have climbed above $6 a gallon.
AAA reported a national average of about $4.31 for regular gasoline and $6.20 for diesel as of Sept.
13. Diesel prices have risen sharply in recent weeks as the Middle East conflict has disrupted supplies and increased transportation costs.
Oil markets faced additional pressure Monday after attacks disrupted Saudi Arabia's energy infrastructure and renewed concerns about the country's ability to move crude through alternative shipping routes. Brent crude climbed above $108 a barrel during Monday trading.
Iran war latest
Diplomatic efforts aimed at easing tensions around the Strait of Hormuz also suffered a setback Monday, according to CBS News.
Iranian Foreign Ministry spokesman Esmaeil Baghaei said Saudi Arabia requested that a planned regional meeting in Oman involving Iran, Gulf nations and other delegations not be held "for the time being," CBS News reported.
The talks were expected to focus on security and shipping through the Strait of Hormuz, a critical waterway for global oil and natural gas supplies. Oman confirmed that the meeting had been postponed, saying the delay was made "in the interests of consensus."
The Strait of Hormuz is a particularly important chokepoint for global energy supplies, making developments surrounding access to the waterway a major factor in oil prices.
Natassia Paloma may be reached at npaloma@gannett.com, @NatassiaPaloma on X, natassia_paloma on Instagram, and Natassia Paloma on Facebook.
This article originally appeared on El Paso Times: Oil prices per barrel surge today. What it means for gas prices
