Mideast Conflict Triggers Sharp Surge in Global Oil Prices

West Texas Intermediate for October delivery climbed $2.77 to $102.82 per barrel, while Brent crude for November rose $2.36 to $106.97. The spike follows Saudi Arabia’s Friday decision to shutter a key Red Sea pipeline after sustaining damage from militant strikes. Houthi fighters in Yemen solidified territorial gains over the weekend, casting a shadow over the stability of regional maritime corridors.

Energy security concerns deepened after organizers abruptly canceled a Monday meeting between Iran, Oman, and other Persian Gulf nations intended to secure passage through the Strait of Hormuz. For American consumers, the market volatility is translating into immediate pain at the pump. The national average for regular unleaded gasoline hit $4.3163 per gallon—a peak not seen since June—while retail diesel prices reached a record $6.2301 per gallon. Refined product futures mirrored the crude rally, with October RBOB futures advancing 6.21 cents to $3.3693 per gallon.