Oil Prices Remain Above $100 a Barrel for Second Day

Oil prices have remained above $100 a barrel for the second day, with Brent crude rising 0.3% to $101.52 a barrel. The latest attacks between the US and Iran have stifled the flow of oil through the Strait of Hormuz, leading to a surge in oil prices. US benchmark crude gained 0.4% to $96.42 a barrel. The conflict has essentially shut down traffic in the Strait of Hormuz, where a fifth of the world’s oil supply passed before the war began. The jump in oil prices has pushed prices for many goods higher, with gasoline prices in the US up about 32% from a year ago to $4.22 per gallon. The price of diesel has also hit an all-time high, reaching $5.94 per gallon. The latest reports are expected to show that the rate of inflation remains above 3%, above the Federal Reserve’s target rate of 2%.