Oil Futures Surge as Middle East Conflict Rattles Global Markets

West Texas Intermediate for October delivery climbed $1.38 to $92.86 per barrel by mid-morning, retreating slightly from a session peak of $94.73. Brent crude for November reached $99.46 before stabilizing at $97.75. Refined products followed the upward trend, with October ULSD futures rising 6.47 cents to $4.6049 per gallon, while RBOB futures gained 8.73 cents to reach $3.3019 per gallon.

This volatility is already rippling into the American economy. Retail gasoline prices extended a three-day climb to $4.15 per gallon, and diesel remains near record highs at $5.90 per gallon. Equity markets mirrored the energy sector’s anxiety, as the Dow Jones Industrial Average shed more than 500 points amid investor concern that persistent fuel inflation could further dampen economic growth.