Sandego.net – Energy markets were hit by a fresh shock on Thursday as escalating military activity around the Middle East pushed global crude prices above $100 a barrel and sent diesel costs to new records. Brent crude climbed to $107.40 a barrel, its highest level since May, while US crude reached $102 for the first time since the same month.

The move reflects growing concern that the Iran war could cause longer-lasting damage to energy production and maritime transport than markets had initially expected. Fighting has intensified around the Strait of Hormuz and the Red Sea, two waterways central to the movement of oil and other goods. The United States and Iran have exchanged strikes, while Iran-backed Houthi forces have targeted Saudi Arabia and heightened tensions near the Bab al-Mandab Strait.…