Oil prices are rising again because of ongoing tensions between the United States and Iran. The price of Brent crude oil has gone up. Oil for June delivery increased by 2.7%, reaching $111.18 per barrel. July prices also rose to $104.33, showing strong demand and concern in the market. Earlier this year, oil prices were around $70, but they are now moving closer to their recent high of $119, which happened when fears about the war were at their peak. The conflict is also affecting important oil routes like the Strait of Hormuz, where a large amount of the world’s oil passes. Disagreements over reopening this route are adding more uncertainty. Meanwhile, fuel prices in the US are also rising. According to AAA, the average price of gasoline has reached $4.18 per gallon, the highest level since 2022. Overall, the situation is making global markets unstable and increasing costs for consumers.