Brent tops $92 as Iran war lifts US gas back to $4 a gallon
Why it matters: tanker reroutings in the Red Sea and blocked Hormuz traffic are tightening fuel supplies from US pumps to Asian crude shipments.
Oil prices rose further Wednesday as the US-Iran war disrupted key shipping routes and pushed the US average gasoline price back to $4 a gallon. Brent crude climbed to $92.01 a barrel and West Texas Intermediate reached $85.16 after US forces struck Iranian targets for an 11th straight night and Iran attacked US facilities in Bahrain, Kuwait and Jordan. In the US, AAA data showed pump prices up 13 cents from a week earlier, while diesel hit $5.11 a gallon. Tankers carrying Saudi crude for China and India turned back in the Red Sea after threats from the Iran-aligned Houthis, adding to pressure after traffic through the Strait of Hormuz fell sharply.