Oil Prices Surge Amid Global Tensions | Portland Maine News

Oil prices are surging back to record highs as geopolitical tensions flare in the Middle East, with Brent crude hitting over $100 a barrel and U.S. WTI near $95 — both at their highest since a shaky peace deal earlier this summer. Stalled negotiations, tanker attacks, and crippled shipping through the Strait of Hormuz are tightening global supply, while energy facilities across the Gulf face ongoing threats. The result? Gasoline costs in the U.S. now average over $4 a gallon — up more than $1 from last year — and diesel is nearing $6, already a record. Americans have spent an extra $101 billion on fuel since the conflict began, and rising crude prices will only push costs higher. The ripple effect is crushing: higher diesel means more expensive freight, construction, and manufacturing — fueling inflation and complicating the Fed’s efforts to hit its 2% target. Some banks are now forecasting prices could climb even higher, possibly to $120 a barrel, if violence escalates — locking in elevated oil prices that threaten global economic growth. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/f7801d2d920cae6e