Updated

Oil prices climbed back above $100 a barrel for the first time since May, briefly touching $105, with diesel prices hitting fresh record highs as markets braced for a prolonged conflict involving Iran that threatens to disrupt global crude supplies. The energy price surge combined with other inflationary pressures has raised fears about the path of monetary policy ahead of upcoming Fed decisions. New reporting detailed how the diesel and gasoline spike is rippling through the broader economy, raising costs for commuting, freight, and grocery shopping as diesel underpins transportation of goods nationwide. Separate coverage confirmed gasoline prices have also hit record levels, with analysts attributing the increase directly to uncertainty stemming from the Iran conflict and its threat to global crude supply chains.