West Texas Intermediate for August delivery rose $2.12 to $81.07/bbl by 11:30 a.m. ET, while September Brent crude climbed $2.20 to $86.43/bbl. The market shift reflects deepening anxiety over the Strait of Hormuz, with traders migrating activity toward next-month contracts as the broader regional conflict widens. Iran reportedly launched strikes against U.S. targets in Bahrain, Jordan, Kuwait, Oman, Qatar, and Syria, marking a volatile shift in the regional security landscape.
In section Market Quotes
Oil Futures Surge as Regional Conflict Escalates
Escalating military friction between the U.S. and Iran has sent energy markets into a sharp rally, with crude oil prices climbing more than 2% Friday morning. The intensification of strikes across the Middle East, including attacks on Kuwaiti infrastructure, puts contracts on track for significant weekly gains.
Refined products are mirroring these crude gains, with RBOB gasoline futures rising 3.5% and ULSD futures up 1%. This translates to immediate pressure at the pump: the national average for regular unleaded hit $3.979/gal, while diesel reached $5.055/gal. Beyond the immediate threat of supply disruptions in the Strait, the market is bracing against already tight inventories during the peak summer driving season, leaving little room for error as geopolitical tensions remain high.
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