Brent crude oil prices surged to $115 per barrel amid escalating U.S.-Iran tensions and disruptions in the Strait of Hormuz, a key oil transit route, causing significant volatility in global energy markets. The spike in oil prices has led to higher gasoline costs in the U.S., reducing disposable income for consumers and increasing expenses for businesses, potentially slowing economic growth amid fragile demand. Despite strong domestic energy production, the U.S. faces inflationary pressures and market uncertainty as geopolitical risks persist, with analysts warning that prolonged conflict could push oil prices even higher.
