Oil exceeds $90 as gasoline prices climb

The rise in oil prices to over $90 per barrel for the first time in more than a month is attributed to escalating tensions between the United States and Iran, which have resulted in the death of three American military personnel and an attack on a oil tanker. Brent crude reached its highest level since June 11 before retracing some gains, remaining up by 1% at $88.94. Meanwhile, West Texas Intermediate (WTI) increased by less than 1%, reaching $82.26. Over the past week, Brent recorded gains of nearly 16%, marking the largest weekly increase since April. Energy prices continue to climb amid ongoing escalation, including the evacuation of a ship that was attacked near the Strait of Hormuz. Additionally, US gasoline prices have reached an unprecedented level since the Iran conflict, with an average of $4 per gallon. Experts predict further increases in gasoline prices in the coming week due to the intensifying crisis.

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