Oil climbs in early trading, diesel rising more than crude

Core Viewpoint - Oil prices surged in response to the U.S. and Israeli attacks on Iran, with diesel prices increasing at a faster rate than crude and gasoline prices [1]. Price Movements - Ultra low sulfur diesel (ULSD) prices rose by 12.84% to $2.8415 per gallon, later trading above $2.90 per gallon [3]. - Global crude benchmark Brent increased by approximately 7.4% to $78.27 per barrel, later trading above $82 per barrel [3]. - RBOB gasoline prices increased by 6.95% to $2.4104 per gallon [4]. - West Texas Intermediate (WTI) crude rose by 7.28% to $71.90 per barrel [4]. Historical Context - If ULSD settles at $2.84 per gallon, it would mark the highest CME settlement since February 13, 2024 [5]. - A Brent settlement above $78.27 per barrel would be the highest since January 28, 2025 [5]. Retail Prices - The national average retail diesel price was reported at $3.761 per gallon, with California prices reaching $5.107 per gallon [6]. - The weekly average retail diesel price from the Department of Energy was $3.809 per gallon, marking the sixth consecutive week of price increases [7]. Market Dynamics - Oil markets began trading in a new environment following the geopolitical developments, with traders adjusting to the implications of the U.S. and Israeli actions against Iran [8].