Brent Crude Surges Above $118 per Barrel Amid Fears of Renewed U.S. Strikes on Iran

Brent crude surged above $118 per barrel, just $1 away from $119 and near its early-May high, amid fears of renewed U.S. strikes on Iran.
Middle East supply risks threaten oil shipments through the Strait of Hormuz, fueling inflation concerns and complicating the Fed's rate outlook.