U.S.-Iran Tensions Push Oil Prices Higher as Diesel Margins Hit Records

Declarations by Iran and the U.S. earlier this week make the prospect of peace in the Middle East even more distant, driving crude oil prices higher. Meanwhile, the diesel crack spread in the U.S. topped $100 per barrel for the first time in history. At the time of writing, Brent crude was trading at $91.33 per barrel, with West Texas Intermediate at $85.08 per barrel, after Iran said it would adopt a “fully offensive” strategy in the war with the United States, as negotiations have consistently failed to achieve an end to the hostilities.…