Oil Prices Surge Amid Middle East Tensions and Supply Disruptions
Oil prices have surged over 30% in the past month, reaching over $100 a barrel due to renewed US-Iran conflicts in the Middle East. Attacks in the Red Sea and disruptions in the Strait of Hormuz have put pressure on key oil-shipping routes. The cost of refining oil into fuel is rising faster than crude prices, threatening to increase prices for diesel, jet fuel, and gas. Analysts note that the energy shock is more significant than the crude price suggests, with refined-fuel premiums surging and shipping costs increasing. 
