U.S. gas prices rise as oil hits $111 a barrel

Oil prices surged to their highest levels in months, with Brent crude topping $111 a barrel and U.S. benchmarks climbing in tandem as tensions in Iran intensify. The spike reflects market concerns about potential supply disruptions from the Middle East conflict, a region that produces roughly a third of the world's crude oil. Rising crude costs typically translate directly to higher fuel prices at the pump within days, putting pressure on consumers and businesses that depend on transportation. The escalation also threatens to complicate inflation concerns for central banks and could squeeze already-tight margins in industries reliant on fuel, from airlines to shipping companies. Traders are watching whether the Iran situation deteriorates further, which could push prices even higher.