Brent tops $92 as Iran conflict disrupts tanker routes
Why it matters: Three Saudi crude tankers turned back in the Red Sea, while US gasoline averaged $4.06 and diesel hit $5.13 a gallon.
Oil prices rose further Wednesday as the US-Iran conflict drove fresh fears of supply disruption across key shipping routes. Brent crude gained 1.1% to $92.01 a barrel and US West Texas Intermediate added 1% to $85.16 after US forces struck Iranian military targets for an 11th straight night. Tanker traffic also tightened: three Saudi crude vessels bound for China and India reversed course in the Red Sea after threats from Yemen's Iran-aligned Houthis, who warned they would target ships carrying Saudi oil and declared a naval blockade of Saudi Arabia. The strain is already hitting consumers. AAA put the US national average gasoline price at $4.06 a gallon Wednesday, while the Energy Information Administration's diesel benchmark jumped to $5.13.