Iran Conflict Sends Oil Prices Soaring to May High

Oil prices have surged to their highest levels since May, driven by the ongoing war in Iran and concerns over global oil supply. The price of Brent crude briefly topped $108 per barrel before settling at $107.63, a 6.3% increase.

The jump has had far-reaching consequences, including higher gas prices, increased costs for goods transported by truck, and inflation worries.

Wholesale inflation in the US accelerated to 5.4% in August from 4.8% in July, according to a report on Thursday.