Oil tops $90 as Middle East fighting escalates
Data: Financial Modeling Prep; Chart: Ben Geman/AxiosOil prices jumped above $90 per barrel Sunday in the first major trading since the deaths of three U.S. service members and escalating Middle East hostilities.Why it matters: Higher oil prices could quickly translate into more expensive gasoline for consumers and diesel for freight carriers while increasing inflation risks worldwide.Context: Brent crude's move above $90 a barrel — its first since mid-June — builds on last week's gains after the U.S.-Iran ceasefire deteriorated further, reducing tanker traffic through the Strait of Hormuz following a brief rebound.The nationwide average U.S.
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Data: Financial Modeling Prep; Chart: Ben Geman/AxiosOil prices jumped above $90 per barrel Sunday in the first major trading since the deaths of three U.S. service members and escalating Middle East hostilities.Why it matters: Higher oil prices could quickly translate into more expensive gasoline for consumers and diesel for freight carriers while increasing inflation risks worldwide.Context: Brent crude's move above $90 a barrel — its first since mid-June — builds on last week's gains after the U.S.-Iran ceasefire deteriorated further, reducing tanker traffic through the Strait of Hormuz following a brief rebound.The nationwide average U.S. gasoline price was just below the politically important $4-per-gallon mark Sunday, per AAA, and is likely to rise above that level Monday.Catch up quick: The weekend brought further signs that the U.S.-Iran agreement and ceasefire have given way to renewed and expanding strikes.That includes reported Iranian attacks on oil and electricity infrastructure in Kuwait. Threat level: Iran's Supreme Leader Mojtaba Khamenei on Saturday accused President Trump of violating the U.S.-Iran agreement.He pledged a strong response by Iran and its proxies if the fighting continues to escalate.Trump told NewsNation that he "couldn't care less" about the Iranian leader's comments about the agreement.
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- What's the story?
- Data: Financial Modeling Prep; Chart: Ben Geman/AxiosOil prices jumped above $90 per barrel Sunday in the first major trading since the deaths of three U.S. service members and escalating Middle East hostilities.Why it matters: Higher oil prices could quickly translate into more expensive gasoline for consumers and diesel for freight carriers while increasing inflation risks worldwide.Context: Brent crude's move above $90 a barrel — its first since mid-June — builds on last week's gains after the U.S.-Iran ceasefire deteriorated further, reducing tanker traffic through the Strait of Hormuz following a brief rebound.The nationwide average U.S.
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- 1 outlet, average source rating 7.0/10.
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- 13h ago.
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Oil tops $90 as Middle East fighting escalates
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