Oil nears highest price since start of Iran war

Oil prices have surged to near their highest levels since the US-Israel conflict with Iran began, driven by disruptions to global energy supplies. The US-Israel Iran war has halted almost all traffic through a critical shipping waterway, restricting the flow of crude oil to international markets. Brent crude's sharp climb reflects investor concern about sustained supply constraints and the potential for further escalation in the Middle East. The price spike threatens to raise fuel and energy costs for consumers and businesses worldwide, adding inflationary pressure to global economies already grappling with economic uncertainty. Traders are monitoring whether a diplomatic resolution or further military action could either stabilize or further destabilize oil supplies in coming weeks.