Oil Is Rising Again. Could U.S. Drivers Face Higher Fuel Bills?

Oil Prices Rise Amid Energy Ceasefire Claims and Middle East Attacks

Oil benchmarks climbed Monday after President Donald Trump announced an "energy ceasefire" between Russia and Ukraine over the weekend, with Ukrainian President Volodymyr Zelenskyy stating Russia continued attacking energy infrastructure and violated the truce. Brent crude settled at $106.65 per barrel and West Texas Intermediate at $93.74 per barrel.

Iran-backed Houthi militants attacked Saudi Arabia's King Khalid International Airport in Riyadh on Saturday, killing 12 and injuring over 300. Separately, about 1.2 million barrels per day of Gulf of Mexico oil production remained shut in due to Hurricane Isaias. These developments raise supply disruption risks, particularly for diesel, potentially affecting global energy markets and U.S. fuel costs through higher insurance, rerouting, and refined product availability.

Could this raise U.S. gasoline prices? It could increase supply pressures via potential shipping disruptions or higher costs, but actual retail pass-through depends on confirmed delivery losses and market responses.