Treasury Secretary Scott Bessent foresees a sharp drop in crude oil prices and bond yields once active hostilities with Iran conclude, amid rising government debt concerns.

The moves higher in retail fuel prices come as crude oil prices keep climbing. After surpassing $97 per barrel Thursday morning, international oil benchmark Brent was now up almost 10% since the beginning of the week.

When oil prices change, it affects your energy costs—and even the price of everyday items. Here’s why.

SINGAPORE, Sept 4 (Reuters) - 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.

Six months after US-Israeli strikes disrupted Middle Eastern fossil fuel production and turned the Strait of Hormuz into a naval battleground, the world is getting a fuller picture of how the Iran war has reshaped the economics of energy.

Oil prices on Tuesday settled at their highest levels in nearly six weeks, after the U.S. military said it struck Iranian targets in the Strait of Hormuz in response to Tehran’s overnight attacks on ships transiting the vital waterway.

By Ankur Banerjee, Harry Robertson and Laura Matthews SINGAPORE/LONDON/NEW YORK, Sept 2 (Reuters) - Bond prices continued to slide in Asia and Europe on Wednesday, pushing borrowing costs to multi-decade highs as the Middle East conflict drives up energy prices and layers concerns about inflation on top of worries about ballooning government debt.

This week’s renewed strikes by the United States and Iran strain the flow of energy and diminish expectations the disruption will end soon.

Oil prices have gained more than 7% this week The U.S. and Iran have traded military strikes this week for the first time since July.

Energy sector (XLE) surged 9% in August on $90 oil and Hormuz tensions. See top winners APA, PSX and more—and what to watch for September.