Oil Prices Climb Amid Geopolitical Tensions

Oil prices surged to a session high of $105 per barrel as tensions escalated with Iran's attacks on tankers, a scenario analysts had previously warned about if Iran lost control over the Strait of Hormuz. Additional pressure came from reports of potential US military action before the midterms and the impact of a hurricane on US oil production. However, the market softened slightly after President Trump indicated that talks with Iran were productive and that an attack before the November elections was unlikely. Despite this, prices remained elevated, currently at $103.3 per barrel. Diesel prices have also risen sharply, with gasoil up 12% since a recent dip, driven by geopolitical concerns and reduced EU stockpile releases.