US-Israel-Iran War Live News: The war in the Middle East is sending another shock through global energy markets as American diesel prices hit a record and crude oil heads for its strongest weekly gain since July.
The latest escalation around the Strait of Hormuz has raised fresh concerns over oil and gas supplies. Brent crude remained around $95 a barrel on Friday and was on track for a weekly gain of more than 7%.
European gas prices are also rising, while Gulf energy producers continue trying to move LNG cargoes despite the risks around the strategic waterway.
US-Israel-Iran War Live News: US Retail Diesel Hits Record as Hormuz Supply Fears Grow
US retail diesel prices have reached a record high as disruptions linked to the Iran conflict combine with problems affecting Russian fuel supplies.
The average US diesel price climbed to about $5.85 per gallon, surpassing the previous record set in 2022. The increase has added pressure to trucking, farming, construction and other diesel-dependent sectors.
The latest jump comes as attacks and shipping disruptions around the Strait of Hormuz tighten energy markets. Russia is adding another layer of pressure after Ukrainian attacks damaged refining capacity and disrupted diesel supplies.
US-Israel-Iran War Latest Live News: Oil Prices Head for Biggest Weekly Gain Since July on Iran War Risks
Oil prices are heading for their biggest weekly gain since July as traders price in a greater risk of prolonged supply disruptions.
Brent crude stood around $95.52 a barrel on Friday, while West Texas Intermediate traded near $91.36. Brent was up about 7.6% for the week, while WTI had gained more than 10%.
The latest gains followed renewed US-Iran hostilities and continued uncertainty around commercial shipping through Hormuz. The waterway remains a major concern for energy traders because disruptions can affect oil and LNG shipments reaching international markets.
US-Israel-Iran War Latest Live News: European Gas Heads for Fourth Weekly Gain as Iran War Drags On
European natural gas prices are heading for a fourth straight weekly gain as the Iran conflict raises fresh concerns about LNG supplies. The timing is particularly important for Europe as countries prepare their gas inventories ahead of the winter heating season.
Any prolonged disruption around Hormuz could increase competition for available LNG cargoes and keep prices under pressure. The situation also creates another inflation challenge for European economies because higher gas prices can increase household energy bills and industrial costs.
US-Israel-Iran War Latest Live News: Vance Says He Didn’t Want to Set “Artificial Timelines”
US Vice President JD Vance declined to provide a timeline for when the confrontation with Iran could end. Vance said Washington would not set an “artificial timeline” while Iran continues attacking commercial shipping in the Strait of Hormuz.
“But when you ask, ‘When will this end?’ You’re asking me a question like, ‘When will the Iranians stop shooting at ships?’”. He added, “I think the reality is, I don’t know the answer to that question. You would have to ask the Iranians.”
His comments came as energy markets continued to react to the security risks around Hormuz. Vance also said the US would continue using its available tools to protect energy supplies and prevent Iran from disrupting global energy markets.
US-Israel-Iran War Latest Live News: Adnoc Keeps Loading LNG on Tankers Despite Elevated Hormuz Risks
Abu Dhabi National Oil Co. appears to be continuing LNG-loading operations despite the heightened security risks around the Strait of Hormuz.
Satellite imagery showed an LNG tanker at ADNOC’s Das Island export terminal on September 2, with another vessel nearby. Both vessels reportedly had their transponders switched off.
ADNOC and other Gulf energy producers have explored alternative ways to move LNG while normal shipping routes remain under pressure.
Some LNG cargoes have used ship-to-ship transfers outside Hormuz, an unusual arrangement that allows suppliers to move cargoes without relying entirely on normal passage through the strait.
US-Israel-Iran War Latest Live News: What’s Next?
The biggest question for energy markets is how long the disruption around Hormuz will continue.
Oil prices, US diesel costs and European gas prices are already reflecting the uncertainty. A prolonged disruption could keep fuel and energy costs elevated and add to inflation pressures.
For now, Vance has ruled out setting a fixed end date for the confrontation. That leaves energy traders focused on shipping activity, Iranian attacks on commercial vessels and the ability of Gulf producers to keep exports moving.
The next major move in the energy market will depend heavily on whether tensions around Hormuz ease or trigger another round of military escalation.
