New york: Oil prices ended the week with strong gains, driven by renewed military confrontations between the United States and Iran and continued concerns about Middle East supplies. This comes at a time when fuel prices, particularly diesel, have pushed inflation rates and borrowing costs higher globally.

According to National Iraqi News Agency, Brent crude futures rose 76 cents, or 0.8%, to settle at $92.68 a barrel on Friday evening. Meanwhile, US West Texas Intermediate crude saw a rise of 18 cents, or 0.2%, closing at $91.48. Over the week, Brent experienced a notable jump of 7.6%, while US crude surged nearly 10%, as supply disruptions in the Middle East continued due to the conflict.

The average price of diesel in the United States reached a record high of $5.85 a gallon, as reported by AAA data. This increase is attributed to supply disruptions resulting from renewed fighting between the United States and Iran, as well as Ukrainian attacks on Russian refineries. Diesel prices are under additional pr
essure as inventories decline, coinciding with the harvest and planting season in US agricultural states, which could potentially boost fuel demand in the coming period.

Concerns are growing that rising oil and fuel prices will spill over into the global economy by increasing transportation and production costs. This situation could dampen economic growth and raise borrowing costs for governments and businesses worldwide.