Brent crude oil price breaks $102, Iran says ready for high-intensity war

Senior Iranian officials have stated that Iran has no intention of backing down and is preparing to escalate its counterattack amid ongoing attacks on Iranian territory. US President Trump has stated that the war may continue until after the midterm elections in November, and gasoline prices are unlikely to significantly decrease in the short term. Brent crude oil has risen nearly 70% this year, with the benchmark price reaching $114 on Wednesday. The price of diesel in the United States is approaching $6 per gallon, while gasoline and diesel prices in Europe continue to rise. The United States is compressing Iran's oil exports through maritime blockades, and White House advisers are discussing the possibility of the war continuing until the end of Trump's term. Asian countries' crude oil procurement has rebounded, tightening global supply, and US diesel inventories are expected to drop to a low in over 20 years this month. (Source: Bloomberg)