Oil tops $116 a barrel as Iran accuses US of preparing invasion

Oil prices surged above $116 a barrel amid escalating tensions between Iran and the United States, with Iran accusing Washington of preparing for an invasion. The crude rally reflects investor anxiety over potential disruption to global energy supplies, particularly given Iran's role as a major oil producer in a region already marked by geopolitical instability. Oil markets are now contending with what analysts describe as the worst energy crisis in decades, pushing prices to levels that ripple through fuel costs and inflation globally. Tensions between the two nations have historically triggered sharp petroleum price spikes as traders bet on supply disruptions or military action affecting Persian Gulf oil production. The combination of military posturing and limited spare production capacity worldwide has left energy markets vulnerable to further volatility.