Oil Prices Hit Five-Month High as Brent Crude Reaches $114

Oil prices surged 4 percent, with Brent crude hitting $114 per barrel, its highest level since May, driven by fears of Middle East supply disruptions. The spike follows reports that the US and Israel are considering strikes on Iran, heightening regional tensions. Expert Peter McGuire noted markets fear attacks on Gulf infrastructure, including data centres and undersea cables, which could impact global energy costs and inflation. With US midterm elections under two weeks away, high fuel prices challenge President Donald Trump. AAA data shows petrol averaging $4.27 per gallon, up $1.20 year-on-year, while diesel rose nearly 75 percent, despite recent declines from monthly peaks.