Oil prices hit six-week high amid US-Iran conflict but drivers could soon get relief at the pump

Crude jumped to its highest level in six weeks Monday as fresh fighting between the US and Iran stoked supply fears — even as an oil industry expert predicted American motorists could soon get a break at the pump.Brent gained 1.5% to $97.73 a barrel after touching $97.93, a level last seen July 23.US benchmark West Texas Intermediate rose 1.8% to $93.10, marking the highest price since late July.Crude climbed after another weekend of fighting between the US and Iran, while reported attacks on Saudi Aramco facilities Monday added to uncertainty over Middle East energy supplies.Despite the turmoil, Andrew Lipow, president of Houston-based Lipow Oil Associates, told The Post he expects US gasoline prices to decline as refiners switch from costly summer-grade fuel to cheaper winter blends.“There actually is a little bit of good news on the horizon for most of the country,” he said.“The majority of the country will be transitioning to winter-grade gasoline, and that’s a good 20 cents a gallon cheaper than the prices we see in the wholesale market today,” he added.Barring a significant increase in crude prices or a widening of Middle East hostilities, Lipow expects gasoline prices to begin declining in October.Diesel users, however, could face a much tougher autumn.Demand is poised to increase during the agricultural harvest and as the Northeast heads into the home-heating season, according to Lipow.Diesel inventories in New England and the Southeast are at their lowest levels since the Department of Energy began reporting the data in November 1990, the expert said.The squeeze has been exacerbated by damage to refineries in the Middle East, which Lipow said will take months to repair, as well as Ukrainian drone strikes that he said have knocked out 40% to 60% of Russian refining capacity.“These events between the Middle East and Russia have impacted about eight percent of the world’s diesel supplies,” Lipow said.For consumers, Lipow said the price of cr...