Iran Conflict Sends Oil Prices Soaring Past $102

The global oil market has extended its rally, with Brent crude climbing above $102 a barrel. This surge comes despite little indication that the conflict in Iran is abating. The renewed fighting over the past week has ended a period of relative calm and is fueling fears of energy-driven inflation.

Futures for Brent oil have jumped to triple figures for the first time since July, with prices surging as real-world energy costs soar. Natural gas and diesel prices are also increasing, exacerbating concerns about the impact on the global economy.