Record diesel prices intensify inflation concerns
September 8, 2026
Oil and fuel prices closed higher on Friday, except for ULSD prices, which fell for the nearby futures trading month. WTI Crude oil was up 10% on the week, and retail diesel prices hit a record high. With retail diesel prices up to record levels, inflation and government borrowing costs are much higher across the globe and increased fears of global economic growth slowdown.
ANZ analysts raised their short-term Brent crude oil forecasts to $95 per barrel. With more upside risk if the Middle East conflict intensifies.
Energy markets are higher this morning as Iran and the US exchanged attacks over the weekend.
Goldman Sachs warned that crude oil may surge to $120 a barrel if attacks on shipping intensify. But Iran is saying that a deal with Oman to manages shipping through the Strait of Hormuz is just days away.
Baker Hughes said US energy firms left the overall rig count unchanged for a second consecutive week. The total oil and gas rig count held at 588 in the week ending September
Three senior Iranian sources said a US campaign to hurt Iran’s economy by blocking its oil exports and stopping sanctions evasion is growing increasingly difficult to withstand. Although Iran’s clerical rulers managed to bypass sanctions for decades, the latest US sanctions have left them in a far more sensitive state.