Brent crude surges toward $94 per barrel on escalating U.S.-Iran confrontation

Brent crude oil futures climbed to three-week highs near $94 per barrel as energy markets priced in severe supply disruptions from the U.S. economic isolation campaign and the ongoing closure of the Strait of Hormuz.

Why this matters. Higher global energy prices increase inflation pressures for importing economies and raise the economic stakes of maritime security enforcement in the Persian Gulf.