Oil prices rise to highest levels since July as Iran war continues

“Oil prices on Tuesday surged to their highest level since July, driven by escalating conflict in Iran that has heightened geopolitical risk premiums across global energy markets. The spike is expected to push gasoline and diesel costs higher for U.S. consumers, adding pressure to an already inflation‑sensitive economy and potentially prompting policymakers to consider strategic petroleum reserve releases. Expert Analysis: The renewed tension underscores how quickly regional conflicts can translate into price volatility for U.S. fuel markets, forcing refiners and retailers to adjust margins. If the conflict persists, the Federal Reserve may face added inflationary pressure, while the administration could be compelled to intervene with reserve sales or diplomatic efforts to stabilize supply.”