War in the Middle East

Countries in Africa are looking toward energy resilience as the war in Iran exposed their dependence on oil imports.

Nearly seven months after Israel and the United States attacked Iran, oil prices are holding at over $100 a barrel.

Thousands of workers have been stuck aboard vessels near the Strait of Hormuz since February.

Analysts say record diesel prices will flow through quickly to consumer goods prices across the board.

On today’s show: oil prices, the future of interest rates, and the push for AI guardrails.

The U.S. Energy Information Administration raised its Brent crude forecast to average around $90 a barrel for the second half of the year, about 5% higher than its last estimate.

Analysts don’t see an end to war in the Middle East on the horizon.

Average diesel prices hit $5.68 per gallon on Wednesday, only 13 cents lower than the highest U.S. average price ever recorded.

U.S. refineries are operating at about 97% capacity as they compensate for global refining capacity lost to war damage elsewhere. Now, upcoming run-of-the-mill maintenance adds even more pressure on markets.

The U.S. says our forces in the Middle East have been keeping oil traffic flowing through the Strait of Hormuz, but independent trackers can't account for all of it.