Brent Crude Tops $115, Moves Within 4% of Iran War High

Brent crude has surged above $115 per barrel for the first time since May 4.
The move puts oil less than 4% below the Iran War high recorded on March 9.
That brings crude back within striking distance of one of the most extreme levels seen during the conflict.
The renewed rally suggests geopolitical supply risk remains firmly embedded in energy markets.
With inventories already tight and uncertainty surrounding Middle East production and shipping routes, the market has less room to absorb another major disruption.
The macro implications become increasingly important as oil moves higher.
Sustained prices above $110 can add pressure to transportation and manufacturing costs, complicate the inflation outlook and potentially keep interest rates higher for longer.
That creates a difficult setup for both consumers and financial markets.
The next major test is whether Brent can break above its March high or whether demand concerns and additional supply begin limiting the rally.
For now, the oil market is once again pricing a substantial geopolitical risk premium.