Oil Prices Surge to $96 as Iran Conflict Escalates

Oil prices have reached $96 per barrel as the conflict between the US and Iran intensifies. Brent crude rose 1.1% to $96.72 per barrel, while US crude prices have increased by 11% this week. The fighting has added to existing inflationary pressures and impacted bond yields. The yield on the 10-year US Treasury has risen to 4.75%, while the national average price of diesel has reached $5.77 per gallon, nearing an all-time record. The US employment report for August is set to be released on September 4. Stocks have risen in morning trading, with the S&P 500 up 0.5% and the Dow Jones Industrial Average adding 340 points. The conflict has also led to a rise in oil prices, with the US war with Iran escalating after Iran fired at Kuwait in retaliation for US bombardments earlier in the week.