Oil Reclaims $100 as Middle East Conflict Escalates, US Fuel Prices Hit Records

Oil prices have risen above $100 per barrel as Middle East conflict re-escalates without diplomatic progress and global inventories slump, pushing US diesel and gasoline prices to record highs. The Trump administration downplays the spike as temporary, claiming prices will 'drop like a rock' when the Iran war ends, but the lack of a diplomatic push and continued inventory drawdowns suggest sustained upward pressure. This marks a critical inflection point for energy markets and inflation expectations.