Oil prices rose on Friday and are on track for the steepest weekly gain since mid-July as rising tensions and ​renewed U.S.-Iran hostilities heightened concerns over Middle East supply risks.

Oil prices rose on Thursday after U.S. strikes on Iran and renewed ‌Israeli threats against Tehran revived concerns about disruptions to Middle East supplies.

The renewed fighting has sent U.S. crude prices sharply higher this week, up 11%, a trend that continued Thursday.

Because diesel is used for many freight and delivery networks, higher diesel prices mean higher transportation costs for a long list of everyday goods. More expensive fuel is increasing bills for businesses across sectors — some of which have already passed on costs to consumers in the form of added fees on online orders and packages in the mail.

By Nicole Jao NEW YORK, Sept 3 (Reuters) - Oil prices rose on Thursday after U.S. strikes on Iran and renewed Israeli threats against Tehran revived concerns about disruption to Middle East supplies,

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President Donald Trump has called it the ‘biggest oil deal in world history’.