OIL SURGES: Crude Hits Six-Month High at $116 as Middle East Tensions Swell

Brent crude climbed above $116 per barrel this week, marking its highest price since June, as escalating military tensions across the Middle East raised concerns about potential disruptions to global oil supplies. The region accounts for roughly a third of the world's petroleum production, making geopolitical instability there a direct threat to energy markets. Higher oil prices typically ripple through economies, increasing costs for transportation, manufacturing, and heating, putting pressure on inflation and consumer spending.